UK online consumer spending dips for the first time since 2013 - Visa

Online consumer spending has dropped for the first time in 4 years, data released by payments technology firm Visa revealed. A 0.1 per cent annual fall in e-commerce spending was recorded in April. This is the first dip since September 2013.

Overall spending increased 0.5% in annualised terms in April. It is the slowest pace since the fourth quarter of 2013.

Consumers tightened their belts in the face of rising prices running up against stalling wage growth.