UK consumer spending drops by most in over four years - Visa

Consumer spending declining at the fastest annual pace seen in over four years
Spending declined for the fifth time in the past six months in October

Omkar Godbole FXStreet Contributor

Data from the payment company Visa published today showed the overall spending fell by 2% annually in October; the quickest decline since September 2013.

A big negative is the 2.2% drop in the online spending. High street spending fell 5% year-on-year.

The data is evidence of the negative impact of high inflation and low wage growth on the UK economy.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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