UK spending growth at 2-year high

London, Jan 9 (IANS) The final three months of last year saw the strongest quarterly growth in British consumer spending in two years, according to payment card company Visa.

Its research report on Sunday, which reflects cash and card spending, showed expenditure rising at an annual rate of 2.8 per cent in the fourth quarter, the BBC reported.

That was the quickest quarterly growth rate since the end of 2014.

For December, Visa’s report showed overall spending increasing at an annual rate of 2.6 per cent, with shops recording a modest 0.7 per cent growth rate, but online spending growth rising by 5.5 per cent.

Of all the categories measured, hotels, restaurants and bars saw the strongest expenditure growth, up 7.3 per cent.

“Growth was once again led by the experience sector, with consumers going to Christmas markets, travelling to visit loved ones, or venturing to various parts of the country to celebrate,” said Kevin Jenkins, UK and Ireland managing director at Visa.

–IANS

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