High street spending fell at its fastest annual rate in six years and footfall tumbled in Spring & summer 2018, according to two new reports.

Visa said spending in bricks and mortar stores fell 5.4 per cent in the month compared to April last year, after a 2.9 per cent fall in March, as the downturn in the retail sector accelerated. Online spending was down 0.1 per cent.

Separate research from retail data company Springboard found that shoppers made 3.3 per cent fewer visits to high streets in April, a rapid decline from a 1.6 per cent rise in the same month last year.

Non-food online sales growth was at its lowest since January at 5.4 per cent.

Car sales dropped 20 per cent

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Unemployment is at a record low, but wage growth is still sluggish.

Low productivity growth is the primary factor.

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Most organisations in Britain have problems with “institutional racism”, the London mayor has claimed.

In the broad market, debt deflation generally refers to a theory that identifies total outstanding debts as a catalyst for price decreases across a country’s economy.

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