The Office for National Statistics (ONS) has reported that consumer spending grew by 0.2%  in the last three months, compared to 0.9% in the three months prior to this. The figures support the view that the UK is set for a slowdown during 2008 which could pave the way for further interest rate cuts. Economic growth based on Gross Domestic Product (GDP) was 0.6% for the same period compared to 0.7% for the prior three months. However, the slowdown is not expected to lead to a full-blown recession in the UK so it isn’t doomsday scenariojust yet.