Despite the British government’s attempts to dismiss concerns about the economy after Brexit, current spending figures do not make encouraging reading. The recent extension of the 31st October deadline did little to reassure the public. Despite the threat of “No-Deal” diminishing, the retail sector has suffered a downturn. September 2019’s retail figures were the lowest on record, reflecting concerns that prices will rise after Brexit.
The British Retail Consortium added their voices to those who are concerned about Brexit’s possible negative impact on the economy. They released figures that show even online retail spending is tailing off. With years of trade deal negotiations ahead of us, they are concerned that the economy might never bounce back.
Food is one of the only categories to be growing compared to previous years, as retailers to slash prices to reduce stock levels. Retail experts are now urging the government to prioritise trade deals with neighbouring countries to stabilise the economy.
An estimated £1.4 billion has already lost in the UK hospitality market as people stop eating and drinking out, and this could rise to £5.4 billion in the event of a No Deal Brexit.
Scarsdale Solicitors – Manchester, Rochdale and Oldham
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