Risk of UK recession on the rise as consumer spending drops

The latest figures from the Office for National Statistics (ONS) released yesterday showed consumption had grown by only 0.1% in the three months to June, the weakest quarter since the end of 2014. Economists said the data suggests a squeeze on household finances and spending as inflation outstrips wages, according to The Times. Consumer spending accounts for almost two-thirds of economic output, so a collapse could be devastating for the UK, pundits have warned. This has had a further knock-on effect on shops, as the contraction in retail sales in the year to August has led to pla...