Report: UK consumers are cutting back on spending amidst rising energy costs.

Rob Wood of Pantheon Macroeconomics stated in a report that high energy costs and uncertainty surrounding the US-Iran conflict have led to consumers restricting their spending, resulting in a contraction in retail sales in the UK in April. Retail sales in April shrank by 1.3% compared to the previous month, when they had grown by 0.6%. Retail sales in April were flat compared to the same time last year, while in March they had increased by 1.7%.