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British Income Squeeze Shows in Spending and House-Price Decline

  • Budgets and consumer confidence eroded in 2017, Visa says
  • Home prices fall for first time in six months in December
A shopper is seen reflected in a mirror during the Boxing Day holiday sales at the Selfridges Ltd. department store in central London, U.K., on Tuesday, Dec. 26, 2017. U.K. annual growth in the third quarter slowed to 1.7 percent, slightly higher than previously estimated but still the weakest pace in 4 1/2 years, the Office for National Statistics said on Friday.
Photographer: Luke MacGregor/Bloomberg
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The latest signs are in that British households are coming under increasing pressure from surging inflation.

Consumers curbed their spending for the first time in five years in 2017, according to a survey from Visa on Monday, while a squeeze on incomes was flagged by Halifax as a contributing factor to a decline in house prices last month.