UK retail sales have fallen at their lowest quarterly rate for seven years, new figures released today show.
They fell by 1.4 per cent in the first quarter of 2017, the biggest quarterly fall since 2010.
Commenting, Chuka Umunna MP, leading supporter of Open Britain, said:
“The Government’s intention to take Britain out of the Single Market and Customs Union is clearly putting our economy at risk of suffering a hard Brexit downturn.
“The Brexit vote has already plunged the pound to its lowest value in thirty years, putting up prices in the shops. And leaving the Single Market and Customs Union will make prices higher still as imported food, fuel and clothes face new barriers to trade.
“The Government should think again. If they really want to deliver the ‘exact same benefits’ as membership of the EU, they should keep Britain in the Single Market and Customs Union.”
Notes to editors:
The new figures are reported here: http://www.cityam.com/263294/quarterly-british-retail-sales-fall-biggest-since-2010