Downbeat reports take shine off UK chancellor's upbeat message

Economic reports on falling high street footfall and credit card spending challenge Philip Hammond's narrative

A chorus of downbeat reports on the health of the British economy published on Monday presents a sharp contrast to the chancellor Phillip Hammond's spring statement message that there is "light at the end of the tunnel".

Credit card company Visa said spending on cards fell again in February, dropping 1.1%, and that the first quarter of 2018 was on track to be the "worst on record". It said spending by consumers had fallen in nine out the past 10 months.