It used to be the weather that served as the catch-all excuse for poorly performing businesses – it is too cold or too hot for people to go shopping. How convenient, now we have grown a little tired with that one, that Brexit has come along to serve the same purpose.
Speaking on the Today programme this morning, John Lewis chairman Sir Charlie Mayfield was asked to explain a 53 per cent fall in profits for the first half of the year. To be fair to him he didn’t initially mention Brexit at all but when the inevitable question came from Today’s business correspondent he said: ‘We should be under no illusions. Brexit is having an effect on the economy, no question. It’s the same for everybody and the main effects are sterling and confidence.’
Predictably, the Guardian then jumped on his comments to construct the headline:
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