UK households cut spending at fastest pace in almost five years, says Barclays

Christmas shoppers and tourists throng a traffic-free Regent Street in London on Saturday. Photograph: Krisztián Elek/SOPA Images/Shutterstock

UK households cut back on spending at the fastest pace in almost five years last month as consumers put Christmas shopping on hold, according to a leading survey.

Adding to concerns that uncertainty surrounding the budget has helped dampen consumer confidence, Barclays said card spending fell 1.1% year on year in November – the largest fall since February 2021.