Shoppers cut back on high street spend

CONSUMER spending has fallen for the first time in nearly four years.

Figures show more households are cutting costs amid rising prices and stagnant wage growth.

Spending fell 0.8% yearon-year in May, after rising 0.3% the previous month.

According to Visa’s UK consumer spending index it was the first annual fall since September 2013.

The drop was driven by a 5.3% decline in high street spending, despite a 6.9% rise in the amount of money spent online year-on-year.

Kevin Jenkins of Visa said: “With rising prices and stalling wages we’re feeling the squeeze.”