London spending growing slowly

Household spending is rising in every part of the country, but the high cost of living is holding down growth in spending power for London, according to research by Asda. The supermarket’s income tracker shows discretionary incomes are rising fastest in the north east of England, up by 5.5 per cent during the 12 months to March. In the capital, spending has only risen by 2.8 per cent in the last year, but discretionary incomes are still far higher than the UK average at £231 per week.