A nation of shopkeepers is by definition a nation of shoppers. UK household spending on goods and services accounts for around 60% of gross domestic product and has kept the show on the road in recent quarters. But it will be a diminished force after the Brexit vote.

The UK economy was already lopsided before the June referendum. Household spending grew a robust 2.8% in the first quarter from a year earlier, even as other sectors stagnated. Consumers were buoyed by low unemployment, increased appetite for borrowing and low inflation.