UK consumer spending continues to fall in April - Visa

Omkar Godbole FXStreet Contributor

Brits tightened their purse strings in April, figures from payment card company Visa showed on Monday, signaling the Bank of England (BOE) could be wrong in their assessment that much of the slowdown in Q1 GDP growth was temporary.

Consumer spending fell by 1.6 percent on a seasonally adjusted basis in three months to April vs 1.3 percent drop registered in March.

"Low confidence levels amongst shoppers and the gloomy outlook for the UK economy are likely to have contributed to this continued caution," Visa's chief commercial officer, Mark Antipof, said, according to Reuters. Discretionary spending on furniture, electrical appliances and recreation was worst hit, Visa said.

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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