Consumer spending hit a 13-month high in August

Consumer spending was at its highest level in 13 months in August, boosted by the slump in the value of Sterling leading to an increase in the cost of travel and hotel spending for holidaymakers. According to Barclaycard, spending was up by 4.2 per cent year on year, from "muted growth" of 2.6 per cent in July. 

Elsewhere, the British Retail Consortium has reported a slump in retail sales in August, that's despite an increase in spending immediately post Brexit. August saw the weakest performance in retail sales in two years, with a fall of 0.3 per cent year on year, the weakest month since September 2014. Clothing sales recorded the worse three month average performance since February 2009.

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