Brits’ spending drops sharply as recession clouds gather
Brits’ credit and debit card spending dropped dramatically over the past week, according to fresh data published by the Office for National Statistics.
This data ranked at 97 per cent of its level in February 2020, the month prior to the country’s first Covid lockdown.
The figures are based on Bank of England CHAPS interbank payment flows and is not seasonally or inflation adjusted.
Visits to parks were up eight per cent from the previous week, with sunny weather encouraging Brits to green spaces.
Elsewhere, trips to retail and locations dropped two per cent, while workplace, grocery and pharmacy visits were relatively unchanged.
“Consumer behaviour indicators showed mostly falling or stable activity in the latest week,” according to the ONS.
Inflation has now hit double digits, surpassing 10 per cent in July, with economists warning of a recession looming on the horizon.
Consumer confidence has been battered by fears of a drawn out recession, according to a survey by the Bank of America released this week.
Brits’ optimism sank four points at the beginning of August, with confidence remaining weak, “consistent with recession,” the bank stating.