UK cost of living crisis dents retail sales and service sector

Worried consumers rein in March spending as private sector growth slows

• Business live updates: retail sales fall amid cost of living crisis
• Soaring supermarket prices shoppers find hard to swallow

Britain's economy is showing growing signs of stress from the soaring cost of living amid a sharp fall in retail sales and the biggest loss of momentum for service sector activity since Omicron hit businesses at the end of last year.

Figures showed that a bigger than expected decline in March retail sales was followed by a slowdown across the economy in April, with record inflationary pressures hitting businesses.