11.06.201722:05:00UTC+00British Consumer Spending Posts First Decline in Four Years

Britons reined in their spending for the first time in almost four years in May, data from credit card company Visa indicated, as UK households became more cautious even ahead of the previous week's unexpected election outcome.

Consumer spending in the previous month was 0.8 percent compared to the same period last year after being revised for inflation, marking the annual decline since September 2013, Visa said.

Sales saw a steep decline of 1.9 percent in a monthly basis. Retail sales during the first quarter of the year saw their biggest decline since 2010.

Visa managing director Kevin Jenkins said their index clearly indicated that with increasing prices and stagnant wage increase, majority of Britons are feeling the squeeze.

The UK economy has showed indications that its growth is grinding to a halt and business and consumer confidence is seen to further tank after PM Theresa May failed to secure a Parliamentary majority in the previous week's general election. Data released on Friday indicated industrial output and construction slowed once more in April.