Despite Brexit Uncertainty The Britons Spending More

There seems to be no curtailing in spending even after the referendum that favored Brexit in the United Kingdom. The July month saw increase by 1.6 percent compared to the same month in 2015.

A report released by Visa and Markit reveals the people had spent more on clothes, meals and trips as warm weather forced them eating out do some shopping for summer clothes.

Visa’s managing director for Britain and Ireland, Kevin Jenkins, said the data of last month reveals consumer spending in United Kingdom is holding up even though the Brexit is uncertain and growth is at lower levels.

The spending was mostly seen in hotels, bars and restaurants. It was year-on-year increase of 8.9 percent, reveals the study further.

The study also added consumer confidence is on decline and it is to lowest level in three years.

Economist at Markit Annabel Fiddes said, “Although the July data points to signs of improvement, anxiety around Brexit and a slowing private sector economy may pose further downside risks to expenditure growth for the rest of 2016.”

Meanwhile, a separate survey reveals business optimism has fallen to 97.9 percent in July from that of 98.9 percent in June.

Share your views whether the spending will be even more in August and thereafter in September and October with us and fellow readers in the below given comment box.