UK consumer spending plunges

Britons are cutting back on credit and debit card charging, official data shows British consumer credit and debit card spending fell sharply over the past week, according to data released on Thursday by the Office for National Statistics (ONS). Spending was reportedly seven percentage points lower in the week to August 11 than in the previous week, and stood at 97% of its level in February 2020, just before the coronavirus pandemic. “Consumer behavior indicators showed mostly falling or stable activity in the latest week,” the ONS wrote. The UK economy is forecast to enter recession later this year as inflation ra

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