U.K. Economy Takes a Hit as Consumer Spending Slumps Further
- Expenditure and house price growth in worst streak since 2013
- Bank of England last week lowered its growth forecasts
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U.K. consumers cut back on spending for a third month in July as house-price growth slowed sharply, dealing yet another blow to the economy.
The broad-based weakness is being blamed on a squeeze on pockets as inflation outpaces wage growth as well as concerns about the health of the economy. The latest figures leave both household expenditure and the property market at their weakest in more than four years.