Weak pound and rising inflation push clothing spend to five-year low

Experts warn drop in sales could be sign of 'tougher things to come' as rising prices since Brexit vote 'hurt spending power'

Britons slashed their spending on new clothes and shied away from the high street in January as they juggled Christmas debts and rising living costs.

Spending increased by a meagre 0.4% in January, according to Visa's consumer spending index. The year-on-year growth rate was a five-month low, which followed December's robust 2.5% increase. The spending tracker highlighted a grim period for clothing retailers, with the amount Britons spent on their wardrobes dropping 3.8% - the biggest decline since April 2012.

Related: Brexit economy: weak pound stokes inflation as jobs market cools

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