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 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