Britain’s consumer spending declined considerably in March, indicating a potential slowdown in the UK economy.
The UK consumer spending growth slowed to 2% in March from 3.8% in February, Barclaycard, the credit and debit card division of Barclays, said.
Heavy snowfall and freezing Siberian weather dubbed "the Beast from the East" caused widespread disruption across the UK in late February and early March. The cold snap hit the services and construction sectors hardest.
“The Beast from the East took its toll on the high street in March, keeping shoppers at home and leading to a slowdown in consumer spending,” Paul Lockstone, managing director at Barclaycard, noted.
However, retail sales grew by 2.3% in March compared with the same period in 2017, according the British Retail Consortium’s report.
