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Brexit slows consumer spend in June

High street spend fell by 1.3% in June compared with the same month last year, as consumers faced the political and economic uncertainty caused by the EU referendum.

Overall, spend in June edged up slightly by 0.9% year on year, according to Visa’s UK Consumer Spending Index. Spend on clothing and footwear was broadly flat, up 0.1% on 2015.

Kevin Jenkins, UK & Ireland managing director at Visa said: “All eyes will be on consumer spending data as we assess the outcome of the referendum. With the result coming late in the month, this report doesn’t give the full picture, but there’s a clear trend over recent months showing a slowdown in overall growth.”

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