The British Retail Consortium (BRC) survey showed on Tuesday that the UK consumer spending failed to benefit from the confidence seen across Britain after December’s PM Johnson’s election win.
Key Findings
Total retail spending edged up by an annual 0.4% in January.
The average increase over the past 12 months was just 0.2%, the lowest since BRC’s records began in 1995, while like-for-like retail sales in January, excluding changes in floor space from one year to the next, were flat.
Paul Martin, a partner at accountancy firm KPMG which produces the survey with BRC, noted: “Although static sales might not appear triumphant, at least it is no further deterioration. Consumer confidence has started to return the post-general election, but we have not experienced any major leaps for the sector yet.”
A separate survey by Barclaycard, which covers a broader range of spending, was more upbeat, showing an annual 3.9% jump in spending by consumers in January, boosted by spending on fuel and at supermarkets.
GBP/USD consolidates the downside
The cable extends its side trend above the 1.29 handle, as markets remain cautious amid broad US dollar demand, China coronavirus concerns and ahead of the key UK economic releases, including the quarterly growth numbers.
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