British consumer spending faces the longest dip since 2013

British consumer spending faces the longest dip since 2013

In July, British consumer spending went down for the third month in a row, proceeding with its longest losing streak in more than four years, as Monday’s data states. That’s another sign that the impact of the previous year's Brexit vote is starting to affect households.

The engine of the British economy, consumer spending sank by 0.8% in real terms the previous month compared with July last year, as payments company Visa states.

It was quicker than June's 0.2% sag, and following May’s further sink, it marks the longest consecutive tumble since February 2013, when the British economy was trying to revive from the financial meltdown.

The previous week the Bank of England dared to downgrade its prediction for economic surge this year and 2018, because of slower-than-expected wage leaps. The key bank sees a weaker outlook for household spending compared to other sectors of the British economy.

 

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