British retailers suffered their sharpest fall in sales in four years after last month's vote to leave the European Union, raising doubts about the ability of consumers to stave off a Brexit recession.
Chief executives from Tokyo to Denver woke up on Friday to currency turmoil, plunging share prices and tough decisions after Britain's vote to leave the EU raised widespread fears over economic growth.
British clothing retailer Next warned that its sales could fall as much as 3.5 percent this year if current trends continue, hitting profits, on concerns over a possible further slowdown in consumer spending.
Britain’s new apprenticeship levy, which will see large employers pay to fund new apprenticeships from April 2017, could lead to significant job losses, said director general of the CBI, Carolyn Fairbairn.
British retail sales rose at the fastest pace in three months in February, beating expectations and suggesting Britain's consumer-led economic recovery remains strong ahead of national elections in May.
Britain's high streets, malls and online sites were awash with discounts on Friday as more retailers than ever embraced U.S.-style "Black Friday" promotions, seeking to kickstart trading in the key Christmas period.