Household spending has seen its lowest rise in two-and-a-half years, according to the Office for National Statistics (ONS). In the three months to June, spending grew by 0.1 per cent, while economic growth was set at 0.3 per cent in the second quarter.
Commenting on the report, a spokesperson says: “This data confirms the picture of a moderation in UK growth that we expect to continue through the second half of the year,” with another commentator saying he expects “subpar growth” over the coming months, but that exports and manufacturing may help offset the headwinds from weaker consumer spending.
Darren Morgan, head of GDP at the ONS, says: “GDP growth has slowed markedly in the first half of the year with relatively robust services growth, partly thanks to a booming film industry, offset by weak performances from manufacturing and construction in the second quarter (April to June 2017).
“Household spending grew weakly, with the lower-value pound hitting household budgets, while business investment showed no growth at all.”
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