Sunday, Apr 01, 2007
UK Consumer Addiction: We just can't stop spending!
Firstrung: Why UK interest rates will have to rise by June
The latest Confederation of British Industry retail survey suggets that high street sales in March rose at their fastest pace in more than two years, and were twice as strong as analysts had predicted.
Posted by nearly30 @ 01:04 AM (144 views) Add Comment
8 Comments
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1. nearly30 said...
Yes it's late - but hey had a night in - can't face spending money.
Seems like i'm bucking the trend there!!
This article - and the sentiments in the press over the past 2 weeks - really does point to something big nasty and scary on the horizon.
Buckle up folks - it looks like there's a storm a-comin!!
P.S. You know when it goes wrong - when good olde Nick Robinson will be talking about it - let's hope he starts with pensions - but is it me or is anyone else a bit miffed that the pensions 'scandal' broke on the day MPs went off on hols?
2. japanese uncle said...
Given the heavily housing-orientated economic structure at the moment, suggesting ginormous spillover HPC will trigger a nightmarish downward spiral resulting eventually in say 12% unemployment, 3% wage decrease 3% each year, and the general deflation, for a full decade. Hlaf a dozen banks/BSs with the poorest lending practice may have to go bust.
People must check the financial standing of their banks each month. Never save any amounnt in excess of 35,000 pounds in any financial institution, for the purpose of savings protection scheme. Never choose any savings product with one or more year fixed period. Preferably no-notice instant account with variable IR.
God protect those protect themselves.
3. enuii said...
Japanes Uncle, are we talking a financial crash of 1930's Wall Street proportions?
Nearly30, have cut spending myself, instead of having two 1 week breaks this year, I am only having one (to appease the Mrs) and will probably not bother next year. Have also cut spending in the supermarket and now use a wholesalers for bulk buying of regular non-perishable, regular unleaded instead of super, make my own butties instead of buying them at work the list goes on.
How many others are doing the same consciously or subconsciously, I suspect many as the more Brown syphons off the less folk have to spend, eventually a tipping point is reached and he can't squeeze any more out of folk without precipitating economic armageddon. I suspect his treatment of small businesses may well precipitate it on the back of his latest tax wheeze and whole tax credits episode.
4. japanese uncle said...
You simply cannot rule out 1930's style crash, though I haven't got statistical rationale. My hunch based on what I witnessed in Tokyo tells it. Such an incredible similarity. 2010's in UK will be called a 'lost decade', as 1990's was called in Japan. If HPC on a much reduced scale occurred three years ago, the correction could have been much milder. But things are as everyone knows, has gone beyond the level any reasonable mind could envisage. The rectification must be punishing. Many people driving Mercedez today will find themselves selling Big Issue in front of TESCOs. Painful, indeed, but it is an event needed to bring this nation to its senses.
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