British retail spending edges down

British retail spending edges down

The previous month British retail spending declined at the fastest pace since 2008 because customers reduced purchases of non-food goods amid soaring inflation, as a poll disclosed on Tuesday.

On a like-for-like basis retail sales values edged down by an annual 1%, stripping out changes in store size, as the British Retail Consortium informed, compared with September’s 1.9% soar.

Another poll from payments company Barclaycard also disclosed poor consumer spending. The survey pointed to a similar split between expenditure on essentials and the cost of spending on discretionary stuff.

The previous week, the Bank of England lifted interest rates for the first time for more than 10 years.

The vast majority of market experts surveyed by Reuters before the decision were assured that a lift would be an error in part because of the vulnerable state of consumer finances, suppressed by the soar in inflation since Brexit vote.

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