020 7898 0500UK retail sales saw a drop of 1.9% in December month-on-month, a much bigger drop than expected. In fact, the figure announced on Friday represents the biggest monthly decline in more than four years. However, we must take into consideration the sales drive that we saw around Black Friday, which, in some cases, resulted in a week’s worth of sales.
This week will be a quiet one for UK data. The only major release scheduled is the first reading of the UK’s fourth quarter 2016 Gross Domestic Product, scheduled for Thursday, which is forecast to show a slight decline both quarter on quarter and year on year.
At 9.30 am on Tuesday the ruling from the Supreme Court will determine whether the parliament’s approval is required before the government can trigger Article 50. This is less significant now, after Prime Minister Theresa May announced in her Brexit speech that any Brexit proposal would go through Parliament.
It is expected that the government will lose the Supreme Court case and announce plans for a new law.
