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Analysts at TD Securities note that the UK’s March Retail Sales jumped a strong 1.1% m/m, against market expectations of a decline.

Key Quotes

“Most categories showed strong gains, including food, clothing, and household goods (all 1%+). Today’s figures put 19Q1 retail spending at 1.5% q/q, and suggests that GDP growth could well come in higher than the BoE’s current expectation (with a sharp unwind likely next quarter).”

“It’s interesting to note that the spending data through the recent heightened Brexit uncertainty (Mar-19: 6.7% y/y) closely mirrors that in the uncertain aftermath of the referendum in 2016 (Aug-16: 6.2% y/y).”