Thursday, Apr 08, 2010
"housing, water and fuel now represent the biggest area of spending"
BBC: UK household savings lowest in 40 years say ONS
in the UK are saving less than at any time in the past 40 years, according to the Office for National Statistics (ONS). The household saving ratio in the UK in 2008 was 1.7% of total resources, the lowest recorded since 1970, and well below the 7.6% average for that period.
Posted by jack c @ 11:35 AM (1404 views) Add Comment
20 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. mark said...
in other words just surviving
2. shipbuilder said...
On a simplistic level this says to me that very few people have a surplus left anymore, in other words credit and spending is expanded almost as far as it will go and our consumerist model is busted. And this with ultra low interest rates.
3. Exiges said...
It's kinda misleading though, because why would you save money at pathetic rates when you can pay lumps off your mortgage ?
4. devo said...
2. shipbuilder said... our consumerist model is busted
this presents a slight problem for the financiers
5. This comment has been removed as it was found to be in breach of our Blog Policies.
6. jack c said...
shipbuilder - I think you have hit the nail firmly on the head with your comments - the big question now is where precisely do we go from here
7. mark said...
Jack C
the best way forward as i see it, is to allow it all to reset naturally, no help no bailouts, let it all collapse and rebuild itself... as nature does.
8. jack c said...
mark - I suspect you are correct, time to fasten the seat belts for forthcoming years in anticipation of a very rough ride.
9. devo said...
well said, mark
the financial system should have been allowed to collapse three years ago
instead vested interests cobbled together a TEMPORARY reprieve
the phoney war continues
10. mark said...
a classic example is GM it received bailouts since it was first operational decades ago, it recently got repackaged, yet it is still making huge losses, a zombie company wasting money...
11. jack c said...
The problem with financial institutions is the prospect of Systemic Risk - I'll post a new article on what's now happening in Greece as evidence
12. Chapmania said...
That article is stating the bleeding obvious. Higher house prices, expensive fuel, it's no surprise that people are saving less.
All the time that property prices are propped up by the government and the BOE's low interest rates, that's the way it's going to stay.
13. smugdog said...
Total Economic Collapse?
So be careful what you wish for
'Cause you just might get it
And if you get it then you just might not know
What to do wit' it, 'cause it might just
Come back on you ten-fold
I said
Be careful what you wish for
'Cause you just might get it
And if you get it then you just might not know
What to do wit' it, 'cause it might just
Come back on you ten-fold
Eminem
14. tenyearstogetmymoneyback said...
I was in YBS today to see if they had anything better than the pathetic 2% they are currently paying on the ISA I have there
(ironically their Regular saver - now withdrawn - pays me 3.75%). Standing in the Queue I looked at the leaflets to see what
they had on offer. The first one, right at eye level was "How to Increase your Mortgage"
15. jack c said...
tenyearstogetmymoneyback - when you turn the page over it reads "How to Increase your Mortgage at the savers expense"
16. debtfree said...
@10 smudog
What is money?
Money is what makes a man act funny
Money is the root of all evil
Money'll make them same friends come back around
swearing that they was always down.
Eminem.
I don't need to repeat that, we all know what side of the fence your on.
17. Striebs said...
It's kind of interesting that the tone of the news has changed all of a sudden especially when the elitist media has been puffing Gordon Brown beyond any sort of good taste for the last 6 months .
Has David Cameron done a despicable deal with the NWO or something ?
18. mark said...
probably best to ignore smugdog he never has anything constructive to say
19. smugdog said...
Sorry Mark, of course, your posts of impending doom and gloom,
together with the precise reporting of every single job loss in the Universe are most riveting.
It's a pity for you that the economy is picking it's self up out of your beloved gutter.
Draw those net curtains back and take a deep breath of spring time why don't you.
20. devo said...
@smugdog
you are certainly entertaining, i'll give you that