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Podcast: Beyond Currency
Episode: 11 January 2023 - Consumer spending points to contracting economy
Description: The long-predicted recession in the UK economy appears to have started in the fourth quarter of 2022. Data released so far, consumer spending in the country in December rose by an average of around 5% while inflation remains apparently anchored above 10%.
While bricks and mortar outlets performed adequately over the period between Black Friday and the Holiday period, it was online purchases that took the biggest hit.
Uncertainties created by the strike by postal workers discouraged people from buying online, although major courier firms only reported a marginal fall in activity.
The Bank of England has predicted that the recession will continue...