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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.

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