-- Climate change in Britain is delivering more rainy and extreme weather, turning a national stereotype into a headache for economists trying to predict retail and growth data.The Banks That Hold Most Money in Singapore Laundering Scandal
The issue will come into focus on June 12, when the Office for National Statistics released gross domestic product data for April and then again on June 21 with retail sales figures. Analysts expect a sharp slowdown to near the economy’s point of stagnation after 0.4% growth in March and a 0.6% gain in the first quarter. The Bank of England expects the second quarter to show a small increase of 0.2%.The British Retail Consortium predicts a 0.
For Britain, that’s meant extra noise in the data used by the government and Bank of England to measure the economy. The central bank is closely watching the numbers to assess when it can begin cutting interest rates, while Prime Minister Rishi Sunak hopes a return to growth will help the ruling Conservatives close a 20-point gap with Labour at the July 4 general election.
“Extreme weather does not just impact the products UK consumers buy, but also how they shop, with many heading online to purchase items instead of braving difficult weather conditions in-person” said Vivek Pandya, lead analyst at Adobe Digital Insights. December sales fell at their fastest pace since Covid lockdowns, contributing to the economy dipping into a recession. But figures in March showed a strong rebound, driving a recovery in the first quarter. Then came April, when the ONS blamed the weather for the disappointing numbers.
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