Poor weather and cost of living crisis drive UK summer spending down

Figures show weak consumer demand persisted in June and July as Bank of England ponders interest rate decision

UK consumers have cut back on summer spending amid the impact of poor weather and the cost of living crisis, figures show, underscoring the challenge for the Bank of England ahead of its interest rate decision on Thursday.

In a sign of weakness in consumer spending over the summer months, figures from the British Retail Consortium (BRC) show that clothing and footwear prices fell for the seventh consecutive month in July as weak demand persisted.