Household spending slowed to its lowest annual growth for six years in 2017 amid Brexit-fuelled inflation, with borrowing surging and family savings slumping to a record low. It leaves the UK with the lowest growth among the G7 economies at the end of 2017 as it enters the final year of its membership of the European Union. The quarterly national accounts data showed Britons turned to debt to support spending in the face of last year’s surging inflation, which outstripped paltry wage growth. Overall household spending fell last year to 1.7%, which was the lowest annual growth since 2011, according to the ONS. He added: “Growth in 2018 should be helped by the squeeze on consumers easing as the year progresses with earnings growth firming and inflation easing back.

Source: The Guardian March 29, 2018 11:08 UTC