Consumer spending 'may fall 10%' this year

Economists expect that the recovery time needed from the Covid-19 outbreak will be longer than the post-global recession turnaround

Consumer spending levels are likely to fall by between 5% and 10% this year, rather than increasing by 2%-3% as previously expected, one economist has warned.

The prediction comes as the spread of Covid-19 closes shops and is beginning to eat into consumer confidence.