UK music subscriptions in decline as households seek savings

FILE PHOTO: Logo of an Apple store is seen in Washington, U.S., January 27, 2022. REUTERS/Joshua Roberts/

LONDON (Reuters) - Britons cancelled over 1 million music subscriptions in the first quarter as a worsening cost of living crisis forced them to make savings, industry data showed on Thursday.

Pessimism in British households has hit unprecedented levels, as wages struggle to keep pace with inflation that reached a 40-year high of 9% in April and is heading for double digits.