According to data from the Office of National Statistics, in the three months to June household spending growth grew by 0.1%. This marks the slowest growth since the last quarter of 2014, whilst business investment in the British economy showed no growth at all. The slowdown was in fact worse than what was predicted by analysts as rising inflation and low wage growth continue to dampen the economy. The chief economic adviser to the EY Item Club, Howard Archer said “Consumer spending is likely to be pressurised through the latter months of the year by an ongoing appreciable squeeze on purchasing power. Indeed, real incomes growth is likely to remain negative for some months to come.”