LONDON (AP) — Britain's economic growth slowed in the three months through March as concerns about the U.K.'s impending exit from the European Union hurt consumer spending.

The Office for National Statistics says the economy grew 0.3 percent from the previous quarter, slower than the 0.4 percent forecast, as inflation brought on by the weaker pound reduced household spending power.

At the same time, lender Nationwide said that its measure of house prices showed a second successive monthly drop, another signal that what was once the fastest-growing major economy is hitting the skids.

Paul Sirani, chief market analyst at Xtrade, says the marked dent in GDP "stems from consumers tightening their belts in the face of rising living costs and businesses becoming more cautious over investments.