Overall spending fell by 2% annually in October

• Consumer spending declining at the fastest annual pace seen in over four years
• Spending declined for the fifth time in the past six months in October

Data from the payment company Visa published today showed the overall spending fell by 2% annually in October; the quickest decline since September 2013.

A big negative is the 2.2% drop in the online spending.  High street spending fell 5% year-on-year.

The data is evidence of the negative impact of high inflation and low wage growth on the UK economy.