UK Consumers Rein in Spending Amid Iran War Fears As tensions escalate in the Middle East, British households appear to be bracing themselves for the worst, with a sharp decline in credit card spending in April signaling a potential return to austerity. According to Barclays, which processes nearly 40% of the UK's credit and debit card transactions, card spending fell by 0.1% compared to the same period last year, marking the first year-on-year drop since November 2024. The data suggests that consumers are cutting back on discretionary spending, particularly on travel, as fears of another cost of living crisis grow. With the UK's economy already under pressure, the latest figures raise concerns about the potential impact of the conflict on the country's households and businesses.
Dip in credit card spending in April, particularly on travel, suggests Britons preparing for harder times amid Iran war falloutHouseholds cut back on their spending in April at the fastest pace in 18 months, as the conflict in the Middle East provoked fears of another cost of living crisis, a report from one of the UK’s biggest banks has suggested.Barclays, which processes nearly 40% of the UK’s credit and debit card transactions, said its data showed there had been a 0.1% fall in card spending last month compared with a year earlier. This was the first year-on-year fall since November 2024. Continue reading...
