British Retail Sales Rebound Sharply Post Brexit Vote

LONDON,(APP - UrduPoint / Pakistan Point News - 18th Augst,2016) - Retail sales in Britain, a key driver of the economy, rebounded 1.4 percent in July from June's drop, official data showed Thursday, indicating no immediate fallout from Brexit but analysts warn of a tough year ahead. Sales by volume rose far higher than expected following a 0.9-percent drop in June that had been caused by wet summer weather, according to the Office for National Statistics. The ONS noted however that all sectors showed sales growth in July amid warmer weather, "with the main contribution again coming from non-food stores".

Analysts added that the retail sector was boosted by tourists profiting from a sharp fall in the pound since Britain voted on June 23 to leave the European Union. Experts are meanwhile expecting a tougher economic climate for Britain in the months ahead.

Thursday's "data suggests that consumer spending remained resilient in aftermath of the referendum", said Anna Leach, head of economic analysis at the CBI, Britain's main business lobby group.