Overall spending fell by 2% annually in October
- 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
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.