UK Economy Slowing Down, Retail Sales Fall as Cost of Living Soars

A crowd of shoppers in London in an undated file photo. Nearly 5 million people have been allowed to continue living and working in the UK under the E.U. Settlement Scheme so far, according to the latest official estimates. John Stillwell/PA

Britons are cutting down on spending after being hit hard with soaring inflation and a higher cost of living, according to data published by the Office for National Statistics (ONS) on Thursday.

ONS said retail sales volumes in the UK dropped by 1.4 percent in March, following a decline of 0.5 percent a month prior as shoppers were forced to tighten their belts as the cost of goods soared.