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John Lewis warns over sterling slump

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    John Lewis warns over sterling slump

    "The boss of John Lewis has warned that the fall in the value of the pound could become a "big issue".

    Managing director Andy Street said the weak pound could start driving costs higher next year.

    He also said it was too early to say if the UK's vote to leave the European Union had affected consumer spending.

    His comments came as a survey pointed to the sharpest drop in consumer confidence in 21 years after the UK vote to leave the EU.

    Market research firm GfK surveyed 2,000 people after the referendum.

    Its confidence index fell by eight points to minus nine, a drop not since seen December 1994.

    Consumer confidence and spending are measures watched by the Bank of England when deciding its next move on interest rates. Governor Mark Carney has already warned the UK's economic outlook is "challenging" following the decision to leave the EU.

    The GfK survey, which was conducted online, suggested that 60% of consumers expect the general economic situation to worsen over the next year, compared with 46% in June. Just 20% expect it to improve, down from 27% last month."

    Source: John Lewis warns over sterling slump - BBC News

    #2
    Originally posted by AtW View Post
    He also said it was too early to say if the UK's vote to leave the European Union had affected consumer spending.
    Next...

    Comment


      #3
      Headline should read

      "John Lewis see easy way to improve profits by putting prices up and blaming brexit"

      Comment


        #4
        Originally posted by The_Equalizer View Post
        Next...
        Originally posted by original PM View Post
        Headline should read

        "John Lewis see easy way to improve profits by putting prices up and blaming brexit"
        And your thoughts on the slump in consumer confidence?

        Comment


          #5
          Originally posted by original PM View Post
          Headline should read

          "John Lewis see easy way to improve profits by putting prices up and blaming brexit"
          The wife will make up any loss in John Lewis' profits.

          Comment


            #6
            Originally posted by The_Equalizer View Post
            The wife will make up any loss in John Lewis' profits.
            Not if you aren't earning.
            "You’re just a bad memory who doesn’t know when to go away" JR

            Comment


              #7
              Originally posted by The_Equalizer View Post
              Next...
              No definitely John Lewis.
              What happens in General, stays in General.
              You know what they say about assumptions!

              Comment


                #8
                Originally posted by original PM View Post
                Headline should read "John Lewis see easy way to improve profits by putting prices up and blaming brexit"
                So your view is that John Lewis and other big retailers (AKA importers) are not supposed to be affected by big slump in value of sterling???

                I reckon 80% of what they sell are imports, in remaining 20% "made in UK" around 80% of cost is based on imported materials.

                Comment


                  #9
                  Originally posted by original PM View Post
                  Headline should read

                  "John Lewis see easy way to improve profits by putting prices up and blaming brexit"
                  Cost of Thai tat has gone up considerably.
                  What happens in General, stays in General.
                  You know what they say about assumptions!

                  Comment


                    #10
                    Originally posted by SueEllen View Post
                    Not if you aren't earning.
                    She has her own job.

                    Comment

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