Strained household finances in the face of economic uncertainty and low wage growth mean consumer spending in Britain is on course for its weakest performance in four years.

Data from Visa showed that while UK household spending edged up 0.3pc in August – the first rise since April – the measure is still headed for its worst annual growth rate since 2013, with the monthly rise for the year averaging just 0.2pc.

On an underlying basis, the picture was even more gloomy, with the quarterly measure posting in negative territory again in August, with a 0.8pc fall.