Continued Success By England Would Help British Economy, Report Claims

English football fans are chanting "Football's coming home!" as the team progresses to the second round of the World Cup, and "the economy is counting on it," according to Mark Gilbert of BLOOMBERG. The Bank of England recently published its summary of business conditions for the second quarter of '18, "based on its regular survey of contacts by its regional agents." The World Cup "looms large in the hopes" of the 230 or so companies that participated in the survey. British retail sales were "battered" earlier this year by bad weather. The businesses surveyed to by the BoE "thought a good run by England in the World Cup would be the biggest factor in restoring their fortunes," even more so than an improvement in consumer confidence and an increase in disposable incomes. The central bank said that sales of electronics and alcoholic drinks would be "likely beneficiaries from success on the pitch" (BLOOMBERG, 6/28).