Cost of living crisis will hit UK consumer spending, retailers warn

British Retail Consortium says rising energy prices will cause shoppers to tighten their purse strings

Britain's biggest retailers have warned that soaring living costs will hit consumer spending after a mixed start to the year amid concerns about the Omicron variant.

The British Retail Consortium, which represents more than 5,000 businesses across the country, said soaring household energy prices would mean consumers tightening their purse strings over the coming months, with a knock-on effect on high streets.