LONDON (Reuters) – British shoppers reined in their spending by the most in more than four years in October, according to a survey by payments company Visa which added to other signs that the squeeze on incomes is hitting the high street.
Consumer spending – adjusted for inflation and seasonal effects – fell by 2.0 percent in October compared with the same month last year, Visa said, based on its credit and debit card data. It was the fifth fall in the last six months.
Terms - Spending - Percent - September
In monthly terms, spending was down 0.9 percent from September.
“The figures are a stark indicator of the strain on household budgets even before the Bank of England’s recent interest rate rise,” Mark Antipof, Visa’s chief commercial officer, said.
BoE - Week - Benchmark - Borrowing - Rate
The BoE last week increased its benchmark borrowing rate to 0.50 percent from 0.25 percent, despite many private economists warning that high inflation and weak wage growth was already squeezing household spending...
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