London: British retail sales rose far more than expected in March, official data showed, despite political uncertainty over Brexit and turmoil for department stores.
Total sales increased by 1.1 per cent compared to February, when they rose 0.6 per cent, the Office for National Statistics (ONS) said in a statement.
The March reading easily outshone analysts’ consensus forecast for an increase of just 0.3 per cent, according to a Bloomberg poll.
“Consumers have undeniably been resilient and have seemingly so far largely brushed off Brexit concerns,” said EY economist Howard Archer.
“But retailers will nevertheless likely be wary that consumers could become more cautious and limit their spending over the coming months as a consequence of prolonged Brexit uncertainties — and a highly uncertain domestic economic and political environment.”
Rising sales could reflect stockpiling by some consumers ahead of the original Brexit date of March 29, Archer added. Britain is now due to leave the European Union by October 31, 2019.— AFP
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