To all the naysayers that said the UK would be fine after Brexit, here's some bad news. Britain has lost 65,000 retail jobs since it voted to leave the European Union, a decline fueled by increased online competition and a Brexit-induced wage squeeze.
Employment data published Wednesday show the number of jobs in the sector dipped below 5 million in September. Weak consumer spending suggests more painto comeover the holiday season.
"It reflects the pressure on the [retail] sector," said Howard Archer, an economic adviser to EY. "Consumer spending has been softer for most of this year and retail sales have been lower."
Data compiled by IHS for Visa(V) show that spending in U.K. brick-and-mortar stores dropped 3.5% over the previous year in November. It was the seventh consecutive monthly decline, and one of the biggest drops since 2012.
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