Spending spooked as Brexit worries Brits
British business is bracing for yet further price hikes as economists predict the cost of fruit and veg and olive oil will rise.
OPCAustralia</a> <a href="https://twitter.com/FruitAndVegKids">FruitAndVegKids
ProfKevinFenton</a> <a href="https://twitter.com/emmafreud">emmafreud
GogartyMike</a> "The Fruit and Veg Kids agree" <a href="https://t.co/qqLQ3ekhjI">https://t.co/qqLQ3ekhjI</a> <a href="https://t.co/qex7LvdHoh">pic.twitter.com/qex7LvdHoh</a></p>— Stephen Colyer (Stephen_Colyer) March 29, 2017
In 2016 the UK imported £47.5bn worth of food, 78 percent from the EU.
The manufacturing and construction sectors are also under pressure as the pound falls and import costs go up.
British Chancellor of the Exchequer Phillip Hammond held the optimistic line:“We focus, resolutely, on getting the very best possible arrangements for Britain’s future relationship with the European Union as part of our plan for building Britain’s global future, both in terms of our international trade and business partnerships, but also in terms of our ambitious plans for reform of our economy and our society at home.”
— WSJ City (@WSJCity) February 7, 2017
The retail sector, formally buoyant, is slowing with the British Retail Consortium saying that spending on non-essential items is in the doldrums with tougher times expected as inflation picks up.