British consumer spending growth lost pace last month, adding to signs of a weakening economy, despite a doubling in cinema takings after the release of the films 'Barbie' and 'Oppenheimer', Barclays data showed on Tuesday.
Iwona Wylezinska and Siena Maria Wylezinska, dressed all in pink ahead of seeing 'Barbie' movie, pose for a photo in London, Britain July 29, 2023. REUTERS/Maja SmiejkowskaLONDON, Sept 5 - British consumer spending growth lost pace last month, adding to signs of a weakening economy, despite a doubling in cinema takings after the release of the films "Barbie" and "Oppenheimer", Barclays data showed on Tuesday.
Spending on cinema tickets was up 101% on a year earlier, driving a broader rise in spending on entertainment. The Bank of England has raised interest rates 14 times since December 2021 and financial markets expect a further quarter-point increase to 5.5% this month, then a final hike to 5.75% before the end of the year.
Like-for-like sales growth, a measure which adjusts for changes in store space, rose to 4.3% in August from 1.8%.
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