Consumers were cutting back and business clients were delaying decisions on spending until after the election, according to new data Victoria Jones / PA

Consumers are finally “feeling the squeeze” of inflation, as businesses and shoppers delay spending decisions before Thursday’s general election and the start of Brexit talks.

Three new surveys suggest that spending growth is slowing on the high street and in the dominant services sector, dampening expectations of a strong rebound from a weak first quarter.

Economists said that retailers had been “brought back to down to earth with a bump” after Easter’s sales boost evaporated in May, while those working in the services sector said that competition for new work was intense amid squeezed consumer budgets.

The new data highlights the impact of rising inflation, as a recovery in oil prices and the fall in the value of the pound has pushed up costs in…