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UK Consumer Spending Growth Hits Eight-Month High in January – Visa Europe

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British consumer spending grew at its fastest rate in 8 months in January, helped by a rebound in clothing and footwear sales, figures from payment card company Visa Europe showed on Monday.

Seasonally adjusted consumer spending rose by 2.7 percent year-on-year, the fastest rate since May 2015 and up from 2.2 percent in December, according to the monthly survey.

“It’s a feel-good start to the year for retailers and consumers, despite the global economic jitters,” Visa Europe’s managing director for the United Kingdom, Kevin Jenkins, said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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