British Shoppers Begin To Feel Post-Brexit Pinch
Faizan Hashmi Published August 17, 2016 | 11:19 AM
LONDON, (APP - UrduPoint / Pakistan Point News - 17th Augst,2016) - From computers and cars to carpets and food, Britain's decision to leave the EU is beginning to hit consumers in the pocket, having already spread uncertainty through the property market. The consequences of the shock vote have so far been mainly theoretical, but recent data suggest that the country's tumbling Currency is about to reach the High Street. The pound has lost 10 to 15 percent of its value against the euro and the Dollar since the June 23 referendum, raising the price of goods primarily supplied by foreign companies such as automobiles, computers, clothing and some foods.
All eyes are now turning to food and property, which have been relatively unscathed, but which many fear could see similar price fluctuations. Fierce competition among supermarkets desperate to maintain market share normally provides a bulwark against sharp inflation in food prices, but Brexit could rewrite the rules, said Fraser McKevitt, an analyst at Kantar group's London office.