Brexit Boom! Post-Referendum Consumer Spending Surge

SPENDING

Despite claims from Remainers that a Brexit vote would see consumer confidence plummet, new figures out today show spending has surged since the referendum. Just a few weeks ago Remain doom-mongers were writing about a “dent in confidence”, how people were “gloomy” about their finances and wanted to “rein in spending” because of the Leave vote. Yet analysis from Visa and Markit shows a “sharp” rise in expenditure of 1.6% year-on-year in July, up from 0.9 percent in June. There’s been an 8.9% rise in spending at restaurants, a 5.2% rise in recreational spending and a 3.9% rise in spending on clothing. In the first week after the referendum consumer spending rose 2.14%. Rather than rein in spending, Brexit Britain is booming…




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Quote of the Day

Philip Hammond uses a trip to Berlin to mock the Foreign Secretary:

“A compromise is the art of dividing a cake in such a way that everyone believes he has the biggest piece. Wise words with some applicability to the Brexit negotiations although I try to discourage talk of “cake” amongst my colleagues.”

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