Shops, bars and restaurants are expected to see a halo effect as Labour’s election victory and a bumper weekend of sport kickstarts a bounce in consumer spending through July.

Businesses are predicted to benefit from England’s match at the Euro 2024 football tournament and Andy Murray’s Wimbledon swan song this weekend, before the Olympics propels spending at the end of the month.

Hospitality and retail are also forecast to make gains as a result of Keir Starmer’s election victory, as a change in government tends to aid the economy. Consumer sentiment and retail spending improved in the first month after both the 1997 and, to a lesser extent, 2010 elections, according to separate research from analysts at GlobalData and the advisory firm PwC.

Spending will be supercharged by the Euros quarter-final between England and Switzerland on Saturday, which is on the same day as Emma Raducanu and Murray’s Wimbledon doubles match, potentially marking the Scottish player’s final appearance at the tournament.

Football fans are expected to provide the UK economy with a £419.5m boost during the quarter-finals of Euro 2024 – which kick off with Spain against the hosts, Germany, on Friday afternoon – according to research by GlobalData for Vouchercodes, which predicts that 24.8 million Britons will tune in to support the England men’s team.

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