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James Smith, Developed Markets Economist at ING, notes that the UK retail sales edged higher by 0.3% in August following a very strong July trading period.

Key Quotes

“Despite some better news on wage growth over recent months, real incomes remain under pressure from higher inflation.”

“But as we edge closer to the crucial pre-Christmas trading period, the big challenge for retailers could come from the threat of a ‘no deal’ Brexit.”

“With a growing number of newspaper headlines warning about the day-to-day impact this scenario would have, it’s possible this begins to take a greater toll on consumer sentiment.”