Sharp drop in UK consumer spending

Consumer spending in Britain saw its sharpest decline for 13 years between July and September, official figures showed today.

Household spending fell 0.2% on the previous quarter, the biggest drop since the beginning of 1995, according to Britain's Office for National Statistics (ONS).

Overall national output fell 0.5% during the third quarter of 2008, unchanged from the ONS’s first estimate in October.