Consumers spending on credit, debit cards falls

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Consumers spending on credit, debit cards falls

Clubcard is seen in a branch of a Tesco Extra supermarket in London.

The Office for National Statistics shows that British consumers' spending on credit and debit cards fell sharply over the past week, and other measures of their behaviour have either been stable or declined, according to weekly data collated by the Office for National Statistics.

Credit and debit card spending, based on Bank of England CHAPS interbank payment flows, was seven percentage points lower in the week to August 11 than in the previous week and was 97% of its level in February 2020, just before the COVID-19 epidemic, was seven percentage points lower in the week to August 11 than in the previous week.

Consumer behaviour indicators showed falling or stable activity in the last week, the ONS said.

Britain's economy is projected to enter a recession later this year as inflation climbs further into double digits, hitting consumer spending power.