UPDATE 1-UK shoppers rein in spending as Brexit nears [Reuters]
TESCO PLC S/ADR (TSCDY)
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Source: Reuters
UK shoppers rein in spending as Brexit nears | Reuters 3 Min Read LONDON (Reuters) - British shoppers cut back on spending in the three months to December for the first time since last spring, adding to evidence of a consumer slowdown as Brexit approaches, data showed on Friday. Retail sales volumes fell 0.2 percent in the fourth quarter after a 0.2 percent rise in the three months to November, the Office for National Statistics (ONS) said. Friday’s data chimed with other signs that consumer spending is cooling after a strong summer. Businesses are also cutting investment before Britain’s scheduled departure from the European Union in late March, leaving the overall economy growing at a snail’s pace. In December alone, retail sales fell 0.9 percent, recoiling after November’s Black Friday splurge, but were 3.0 percent higher than a year earlier. Both readings were below economists’ forecasts in a Reuters poll. “A major concern for retailers will be that already cautious consumers furt
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