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UK Economics

BREXIT BOOM is NOT slowing down: Retail figures and consumer confidence have both SOARED

NEW economic figures have revealed that Britain’s Brexit boom is gathering strength in a sign of growing confidence in the country since the historic vote to leave the EU on 23 June.

Regent Street / EU flag rippedGETTY

New economic figures have revealed that Britain’s Brexit boom is gathering strength


The latest range of positive figures show that consumer confidence has risen at the fastest monthly rate for three and a half years defying the doom laden predictions of the Remain campaign.In an added boost infrastructure company John Laing, which relies on attracting foreign investors, has announced that its half yearly profits have trebled to £108.3 million and said they expect more money to pour into Britain after the decision to leave the EU.

The Confederation of British Industry (CBI), which was part of the Remain campaign’s Project Fear warning of an economic disaster with Brexit, has had to admit that retail figures have been higher in August.

The Scotch Whisky Association, which generates £3.8 billion of exports from the UK, has also held talks with new Trade Secretary Liam Fox on how to make the most of the opportunities for new markets as a result of Brexit.The continuing good news for the UK comes as Germany – the euro zone’s biggest economy – showed signs of creaking as the EU’s economic crisis continues.

The downbeat news from the closely-followed Ifo survey showed an unexpected deterioration in business morale as the institute also warned that Brexit uncertainty was taking its toll.

“Business confidence in Germany has clearly worsened,” Ifo head Clemens Fuest said in a statement. “The German economy has fallen into a summer slump.”

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In comments which made a mockery of Remain campaign claims that Brexit would lead to foreign investment being pulled from the UK, John Laing Chief Executive Olivier Brousse said international investors “still see the UK as a great venue for investment in infrastructure.”

He went on: “They have invested for many years, they know that the UK is a safe place to invest, is a predictable place, so I think the appetite is there.”

Asked if the Brexit vote has changed perceptions from investors, he said: “I don’t think so.

Woman holding shopping bagsGETTY

The latest range of positive figures show that consumer confidence has risen at the fastest rate


“At the end of the day if there are new projects, new decisions made by the government, absolutely new investment will follow.”According to the CBI’s quarterly Distributive Trades Survey 35 per cent of retailers said profits were up compared to 26 per cent saying they were down.

The plus nine per cent return confounded the CBI’s prediction of -12 per cent.

Clothes sales were up 39 per cent while 30 per cent of car traders said their business was up with none reporting a fall in profits.

A further 25 per cent of retailers expect sales to rise next month as well.

People walking in Regent StreetGETTY

Clothes sales were up 39 per cent while 30 per cent of car traders said their business was up


In a dramatic turnaround from last month, the YouGov/ Cebr Consumer Confidence Index has seen its highest monthly bounce since February 2013 of 3.2 points to 109.8.The result is understood to be the result of people realising that Remain’s Project Fear claims about an economic catastrophe as a result of a Brexit vote were not true.

The poll reveals significant increases in people’s expectations for their household financial situations and property values over the coming year.

Cebr director Scott Corfe said: “This month’s improvement in consumer confidence follows positive news from other areas of the economy and slightly punctures the arguments of those who predicted immediate economic Armageddon following a Brexit vote.

“With consumer confidence rising and year-on-year retail sales up it is evident that the public have yet to feel many – if any – effects from the vote to leave the EU.”

http://www.express.co.uk/news/politics/703926/Brexit-boom-Retail-figures-consumer-confidence-soared

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