UK Consumer Spending Declines For a Third Month

British consumer spending fell for the third month in a row in July in its longest losing streak in over four years, according to data released on Monday, in another sign that the impact of last year’s Brexit vote is rippling through to households.

Overall consumer spending, the engine of the British economy, dropped by 0.8 percent in real terms last month compared with July 2016, payments company Visa said.

That was quicker than June’s 0.2 percent fall, and following a further drop in May it marks the longest consecutive decline since February 2013, when a still-frail economy was struggling to recover from the financial crisis.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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