-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> World Economy
UK consumer spending falls
    2018-January-9  08:53    Shenzhen Daily

BRITISH shoppers tightened their belts over Christmas, leading to the first year-on-year fall in spending since 2012, and leading businesses aim to do the same over 2018, two major surveys showed yesterday.

Evidence of a consumer slowdown in Britain has mounted since official data showed the weakest household spending growth in five years earlier in 2017 against a backdrop of high inflation and worries about Brexit that weigh on business investment.

Visa, whose debit and credit cards are used for a third of payments in Britain, said British consumer spending fell by 0.3 percent last year, after taking into account the effect of higher inflation, the first fall since 2012.

“This result has bucked the trend of the previous four years which saw annual consumer spending rise by an average of 1.7 percent,” said Visa’s chief commercial officer, Mark Antipof.

Spending in December alone was 1 percent lower than in 2016, also the first fall in five years, and reflected a squeeze on household incomes from the highest inflation in nearly six years, Visa said.

Some inflation pressure caused by the pound’s fall after June 2016’s Brexit vote was likely to ease this year, but broader problems of weak wage growth and Brexit uncertainty meant a full recovery was unlikely, the company said.

Economists polled expect growth this year will slow slightly to 1.3 percent, well below its longer-run average of just over 2 percent.

Brexit remained at the top of the list of worries of more than 100 of Britain’s largest companies surveyed by accountants Deloitte, and the companies’ concerns intensified slightly.

The businesses also reported the biggest focus on cost control in eight years, despite a robust global economy.

“In a world of accelerating growth and buoyant equity markets, domestic risks remain large. Reining in costs can help chief financial officers mitigate these,” said Deloitte’s chief economist, Ian Stewart. (SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn