UK consumer spending reports first fall since 2013
U.K. consumer spending reported the first fall in four years in May, adding to economic challenges as business activity weakens and inflation soars.
Consumer spending plunged 0.8 percent in the year ended May, the first fall since September 2013, a report by IHS Markit and Visa showed Monday.
The rise in energy prices along with the pound’s depreciation since the Brexit vote last year have put household spending under immense pressure.
As of 09:34 GMT, the
pound traded lower against its U.S. counterpart at 1.2714 after opening today