UK consumers cut back on spending again - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Official data on Friday showed sales volumes fell by 0.6% from November, defying the median forecast for a rise of 0.5% in a Reuters poll of economists.

Two of its nine policymakers voted in November and December for a cut and three others, including Governor Mark Carney, have said lower borrowing costs might be needed soon. “But the election and the removal of some uncertainty could represent a turning point for the economy. Indeed, there are signs that sentiment has already turned up. As a result, January might not be quite as bad.”

The election outcome eliminated the risk of a disruptive no-deal Brexit as soon as Jan. 31, and there have been some signs of a bounce in confidence among consumers and companies since then.

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