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UK consumer spending lags far behind inflation, BRC and Barclaycard surveys show

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British consumer spending grew last month at a rate that lagged behind inflation by a long way, according to surveys on Tuesday that underlined the risk of recession as the cost-of-living crisis rumbles on.

Barclaycard said spending on its credit and debit cards rose 1.8% year-on-year in September, the weakest reading since February 2021 and far behind the annual 9.9% increase in consumer prices in August.

She said consumers were cutting back on discretionary spending, with a knock-on effect for hospitality and retail.

 

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