LONDON – In late 2019, British shoppers cut back on their expenditures thereby rounding off the worst year for retail sales since the mid-1990s. The results were as measured by an industry group that blamed Brexit uncertainty and the election for the slump in numbers.
Another survey, however, showed that Britons are more confident after the landslide victory on the December 12th elections by Boris Johnson’s Conservatives.
According to the British Retail Consortium, in November and December 2019, the combined retail spending fell by 0.9% annually.
In the near future, confidence regarding Britain’s trade negotiations will play a pivotal role in the public’s spending over the next year.
British PM Boris Johnson has said that a new trade deal will be struck with the EU by the end of 2020 to avoid economic tariff hits and trade barriers till the no-change transition period ends.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.