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UK consumer’s spending to reduce in coming years

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Apparel Online India April, 1-15, 2017

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GDP growth expected to see a sharp slowdown in 2017

Though the initial growth figures for 2017 show signs of revival for the UK economy, a weaker sterling and higher inflation are expected to dent it, claim economists. According to PricewaterhouseCoopers LLP (PwC), UK’s consumer spending growth will weaken in the years to come after slipping to about 2 per cent this year from 3 per cent in 2016. The food and clothing sectors that are heavily reliant on exports are going to be the most exposed to the pound’s 18 per cent drop against the dollar since Britain’s vote to leave the European Union. Retail is still integral to Britain’s economy. According to the news report published by PwC, spending which accounts for more than two-third of UK gross…

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Source: Apparel Online India April, 1-15, 2017
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