Squeezed UK Consumer Cuts Back on Spending

Inflation-squeezed British shoppers cut back on almost everything other than food in the last three months of 2017, leading to the biggest fall in non-grocery spending since 2009, industry figures showed on Tuesday.British inflation rose to its highest in nearly six years in November at 3.1 percent, largely as a result of the pound’s fall after June 2016’s Brexit vote, and many consumer-facing businesses have been coming under increased pressure.The British Retail Consortium, which represents large chains, said overall spending in the last three months of 2017 rose by a sluggish 1.1 percent, compared with an average annual growth rate of 1.7 percent for 2017 as a whole.

Source: UK retailers report biggest fall in non-food spending since 2009 – BRC – Reuters

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