"The boss of John Lewis has warned that the fall in the value of the pound could become a "big issue".
Managing director Andy Street said the weak pound could start driving costs higher next year.
He also said it was too early to say if the UK's vote to leave the European Union had affected consumer spending.
His comments came as a survey pointed to the sharpest drop in consumer confidence in 21 years after the UK vote to leave the EU.
Market research firm GfK surveyed 2,000 people after the referendum.
Its confidence index fell by eight points to minus nine, a drop not since seen December 1994.
Consumer confidence and spending are measures watched by the Bank of England when deciding its next move on interest rates. Governor Mark Carney has already warned the UK's economic outlook is "challenging" following the decision to leave the EU.
The GfK survey, which was conducted online, suggested that 60% of consumers expect the general economic situation to worsen over the next year, compared with 46% in June. Just 20% expect it to improve, down from 27% last month."
Source: John Lewis warns over sterling slump - BBC News
Managing director Andy Street said the weak pound could start driving costs higher next year.
He also said it was too early to say if the UK's vote to leave the European Union had affected consumer spending.
His comments came as a survey pointed to the sharpest drop in consumer confidence in 21 years after the UK vote to leave the EU.
Market research firm GfK surveyed 2,000 people after the referendum.
Its confidence index fell by eight points to minus nine, a drop not since seen December 1994.
Consumer confidence and spending are measures watched by the Bank of England when deciding its next move on interest rates. Governor Mark Carney has already warned the UK's economic outlook is "challenging" following the decision to leave the EU.
The GfK survey, which was conducted online, suggested that 60% of consumers expect the general economic situation to worsen over the next year, compared with 46% in June. Just 20% expect it to improve, down from 27% last month."
Source: John Lewis warns over sterling slump - BBC News
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