Spending on communication and transport, which includes flight bookings and cars, declines 4.2% year on year in June
Shoppers put holidays and car purchases on hold last month in the weakest quarter for consumer spending since early 2014.
Spending on transport and communication, which includes flight bookings and cars, slid 4.2% year on year in June after a 5.5% decline in May. This contributed to a weak rise in consumer spending of 1.4% in the second quarter of 2016, according to data from credit card company Visa.
Related: Brexit fallout – what it means for you and your finances
Uncertainty caused by Brexit vote means ‘national living wage’ will rise more slowly, according to the Resolution Foundation
Millions of workers on the national living wage are set for smaller than expected pay rises by the end of the decade after the EU referendum, according to a thinktank.
The “national living wage” introduced by the chancellor, George Osborne, is set to rise more slowly because it is linked to average worker earnings, which are now expected to come under pressure following the referendum.
Related: The national living wage and what it means
Chancellor to meet senior Wall Street figures on first of missions to major economies to discuss ramifications of Britain’s vote to leave EU
The chancellor, George Osborne, will urge US investors not to turn their backs on Britain as he begins a world tour aimed at building new trade ties outside the European Union.
Osborne will meet senior figures from Wall Street in New York on Monday during the first of several missions to major economies to discuss the ramifications of Brexit on trade links.
Related: Brexit fallout – the economic impact in six key charts
Monetary policy committee discussing a range of options, which include keeping rates on hold or slashing them to zero
The Bank of England will consider the first interest rate cut for more than seven years this week, as it seeks to contain the economic fallout from the Brexit vote.
Some City economists predict that with consumer confidence battered and businesses nervous about spending and hiring, the Bank will want to shore up sentiment by reducing interest rates further from a record low of 0.5%.
It’s easy to leap when you have a well-feathered nest to land in, but most UK workers don’t have that luxury
Quitting has been all the rage ever since the Britain voted to leave the EU.
In the space of a fortnight, there have been farewells from prime minister David Cameron, Ukip leader Nigel Farage and thwarted Tory leadership hopeful Boris Johnson.
Economists expect interest rates might be cut for the first time since 2009. Even if not, the MPC’s long holiday looks to be over
As Everton fan Mark Carney has learned since becoming governor of the Bank of England, being a member of the monetary policy committee is a little bit like being Ross Barkley on international duty. The country gives you a squad number and likes you to show up at the odd team meeting – but that’s about it.
Yet, having done nothing since last moving interest rates in March 2009, this week sees the MPC meet amid City suggestions that its members may finally need to limber up for a run-out.