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Purse strings tightening

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UK consumers are spending less on the High Street, and economic growth is slowing as a result.

The Office for National Statistics revised down its initial growth estimate of 0.64 per cent to 0.56 per cent, although the published figure was unchanged at 0.6 per cent.

The figures showed a leap in manufacturing output and business investment, but it failed to offset a marked slowdown in consumer spending in high street shops and travel agents.

 Household spending grew by 0.2 per cent, down from 0.7 per cent in the final quarter of last year and the slowest since the first months of 2005.

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