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Weak pound to put the brakes on household spending

By Holly Williams

Households will see their spending power curbed "substantially" as the Brexit-hit pound will send prices soaring over the next two years, an influential think tank has warned.

The National Institute of Economic and Social Research (NIESR) said the consumer spending surge that has helped prop up growth since the Brexit vote is set to end as higher inflation sets in.

It believes the economy grew by 0.4% in the three months to November, in line with growth seen in the previous three months. But NIESR expects next year to be a painful one for the economy, with growth set to slow sharply and inflation to quadruple.

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