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MNI BRIEF: UK Card Spending Passes Pre-Pandemic Levels

LONDON (MNI)
The UK service economy continues to emerge from the lockdowns, with spending on debit and credit cards in the latest week higher by 7% over the previous week, the Office for National Statistics said Thursday. The indicator, derived from BOE/CHAPS payment data, is now running at 106% of the level seen in February 2020, driven by a notable increase in social spending on items including eating out and travel.
The data perhaps offers some evidence to the belief of BOE Chief Economist Andy Haldane that UK consumers will unleash a large part savings built up over the last year or so.
The ONS said average UK seated diner reservations in the week to May 10 were at 60% of the level seen in the equivalent week in 2019, citing data from OpenTable UK. This is down 5 percentage points from the previous week but still consistently higher than levels seen before the recent easing of restrictions across the UK.
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Bank of EnglandDataPolicy NewsHomepageCentral Bank NewsCEEMEAData StoriesBriefUKStoryRegion
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