Downbeat UK Retail Sales – Sterling Update
Here’s the latest currency news from our partner Moneycorp, to help you find out what your money is worth.
Poor UK Retail Sales figures were released this morning, falling from +0.6% in June to -1.2%, significantly lower than the -0.5% forecast. July’s wet weather is thought to have kept people indoors and out of the shops.
Retail sales are an indication of consumer spending, and the lower-than-expected results could indicate the tightening of consumer budgets because of the cost-of-living crisis. Low retail expenditure adds to the unhealthy picture of the UK’s economy, particularly considering the sluggish growth this year.
Although reduced retail sales could ease inflation pressures, this could cause sterling weakness over the next few months.
However, the UK economy does appear resilient. Forecasts from banking group ING predict UK GDP will rise to 0.3% in Q3 and 1.1% by Q4 this year. It also expects better growth for the Eurozone this year, forecasting around 1% growth over the next two quarters.
Why Moneycorp?
With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntrée has been recommending Moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pension payments for those who have retired to France.
Furthermore, we have worked with the same person at Moneycorp for more than a decade! You might be familiar with her as she often writes for our French Property News magazine. She has 13 years’ experience in foreign exchange, and is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through these difficult times
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