UK consumer spending increases by 3
UK consumer spending increases by three per cent for September.
UK consumer spending has increased by three per cent on a month-on-month basis, which is the strongest rise in growth seen since May 2009.
Visa Europe's UK expenditure index data for September follows a more subdued August, when the reading was 1.2 per cent.
The study stated that while improvements in the employment market and disposable income continue, low consumer confidence is still set to be a main dragging factor.
Growth in September was driven by high street shopping, with face-to-face expenditure rising 1.6 per cent year-on-year, which is the first growth since March and the sharpest rise since October 2010.
Chief economist for Markit – which compiled the report for Visa – Chris Williamson said: "It seems likely that consumer spending will help boost the economy to a greater extent than it has done over the past two years."
At 11:50 BST, the FTSE 100 was 0.4 per cent higher to an index value of 5853.9 points.
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