UK households cut spending at fastest pace in almost five years, says Barclays

Bank reports 1.1% drop in card spending despite Black Friday boost for retailers

UK households cut back on spending at the fastest pace in almost five years last month as consumers put Christmas shopping on hold, according to a leading survey.

Adding to concerns that uncertainty surrounding the budget has helped dampen consumer confidence, Barclays said card spending fell 1.1% year on year in November - the largest fall since February 2021.