British consumers failed to increase their spending for a record fifth month in ...
LONDON - British consumers failed to increase their spending for a record fifth month in a row in December, adding to signs of economic weakening that might prompt the Bank of England to cut interest rates this month.
Sales in monthly terms have not risen since July, the longest such run since records began in 1996, the Office for National Statistics said, adding that food sales fell by the most in three years. Friday’s figures are the first hard data that suggest a bounce in consumer sentiment since Conservative Prime Minister Boris Johnson’s landslide election win on Dec. 12 might not have fed through into actual spending.
Allan Monks, a JP Morgan economist, said the weak picture of the economy in late 2019 meant surveys of businesses for January due next week would have to send a very clear signal of an imminent improvement to prevent a rate cut on Jan. 30.The also ONS revised down its sales data for November. In the fourth quarter as a whole, it found that volumes fell by 1.0%, their worst performance since early 2017.
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