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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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.
Craig Erlam

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