U.K. Households Are Still Holding Back on Spending, Visa Says
- Consumer spending has worst quarter in more than five years
- Negative impact from bad weather doesn’t fully explain drop
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British households continue to curb their spending, leading to the worst quarter for consumers in over five years, according to a report from Visa.
Spending dropped by 2.1 percent in March following a 1 percent annual decline in February. Spending in stores and online both declined compared to a year ago, with transport and communication the weakest sectors. The figures show a continuing deterioration of one of the biggest parts of the U.K. economy.