uk consumers cut spending in runup to christmas visa
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UK consumers cut spending in run-up to Christmas: Visa

Arab Today, arab today

Arab Today, arab today UK consumers cut spending in run-up to Christmas: Visa

On Friday, Britain and the EU agreed on a Brexit divorce deal
London - Arab Today

Squeezed British consumers reined in Christmas travel plans and bought fewer new cars last month, setting the stage for the first fall in festive spending in five years, credit card company Visa said on Monday.

The downbeat message came alongside a cut by the British Chambers of Commerce to its economic outlook for the next two years as the business organisation sees inflation rising faster than pay for the next two years.

Visa said inflation-adjusted consumer spending last month was 0.9 per cent lower than in 2016. This was a smaller decline than October's 2.1 per cent drop but still enough to make annual falls in spending likely for the first time since 2012 for both the Christmas season and 2017 overall, the company said.

The biggest falls in spending came on expensive items such as cars and Christmas trips abroad, while cheaper luxuries such as beauty treatments and cosmetics saw gains.

 

"People opt for smaller treats, at the same time tightening their belts when it comes to larger purchases," Visa executive Mark Antipof said.

Black Friday discounts in late November boosted online sales at the expense of physical stores, Visa added.

British inflation has held at a five-year high of 3.0 per cent since September, pushed up by the fall in the pound since June 2016's Brexit vote, while wages have failed to keep pace.

The British Chambers of Commerce, in a quarterly update to its economic outlook on Monday, said it expected this to persist throughout 2018.

"Continued uncertainty over Brexit and the burden of upfront cost pressures facing businesses is likely to stifle business investment, while falling real wage growth is expected to continue to weigh on consumer spending," BCC economist Suren Thiru said.

The BCC cut its forecasts for 2017, 2018 and 2019, seeing growth of 1.5 per cent this year, slowing to 1.1 per cent in 2018 and only partially recovering to 1.3 per cent in 2019.

This is slightly below the average for economists polled by Reuters, who expect growth of 1.3 per cent next year and 1.5 per cent in 2019, when Britain is due to leave the European Union.

On Friday, Britain and the EU agreed on a Brexit divorce deal, enabling them to begin talks about trade and a two-year transition period that will start when Britain leaves the bloc on March 29, 2019.

But businesses said they would need to see a clear transition agreement as soon as possible for them to be able to put contingency plans on hold.

Separately, jobs website Indeed said Britain remained by far the most popular EU location for cross-border job searches, although Germany, Ireland and Luxembourg had seen some gains over the past two years at the United Kingdom's expense.

Source:Timesofoman

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk consumers cut spending in runup to christmas visa uk consumers cut spending in runup to christmas visa

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk consumers cut spending in runup to christmas visa uk consumers cut spending in runup to christmas visa

 



GMT 13:42 2015 Saturday ,04 April

Libyan warplane targets camp in Gharyan town

GMT 15:14 2017 Wednesday ,01 March

UN documents nearly 1,500 child soldiers in Yemen

GMT 07:24 2017 Sunday ,01 October

Mexico unlikely to find more quake survivors

GMT 16:15 2015 Wednesday ,11 November

German intelligence 'spied' on Fabius, FBI, UN bodies

GMT 01:32 2017 Saturday ,15 April

Russia's Putin earns about 157,000 USD in 2016

GMT 16:30 2017 Saturday ,15 July

Minister of planning gives priority

GMT 19:45 2017 Wednesday ,05 April

President of Senegal Meets Attorney General

GMT 05:18 2017 Thursday ,21 September

Over 80 missing after migrant boat sinks off Libya

GMT 19:22 2017 Saturday ,01 April

UN: Number of Syrian Refugees Tops 5 million

GMT 15:16 2016 Thursday ,29 September

FBI to put up database on police use of deadly force

GMT 05:06 2016 Friday ,30 September

Indian markets open flat

GMT 01:57 2017 Tuesday ,10 October

Twin suicide bombs kill 13 near Mogadishu airport

GMT 02:25 2017 Friday ,08 September

UAE celebrates National Day at Expo 2017 Astana

GMT 06:19 2017 Sunday ,08 January

Bleaching poses the gravest threat to coral reefs

GMT 12:35 2017 Monday ,18 September

Elham Shahin happy for “Day for Women”

GMT 09:46 2017 Thursday ,22 June

US existing home sales unexpectedly rise in May

GMT 02:36 2017 Tuesday ,10 January

US embassy condemns Al-Arish suicide attack

GMT 10:34 2017 Sunday ,26 November

czar faces graft probe
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday