Britons Spending Biggest In Three Months Despite Brexit Uncertainty

Britons have favored for Brexit and the process will work out for UK to leave EU is yet not certain, but amid all these the people are found spending more.

A recent report by Visa and Markit reveals the United Kingdom people spent comparatively more in the month of June and the main spending was on clothes, meals and trips.

Compared to July 2015, Britons’ spending picked up 1.6 percent last month and it was increased by 0.9 percent from the month of June.

Visa reveals the rise was the biggest in three months even though the overall growth of the country was slow.

Visa’s managing director for Britain and Ireland, Kevin Jenkins, said following the referendum the consumer spending has not come down.

The spending increased by 8.9 percent in hotels, bars and restaurants, revealed the study.

Economist believes despite the spending the consumer confidence is fragile.

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.”

In another survey report released by business advisers BDO it is found the business optimism dropped to 97.9 percent last month. In June it was 98.9 percent.

Bank of England said despite the referendum shock many companies have confirmed no plan to withdraw investment or even change the hiring policy, but in fact they are adopting a business as usual.

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