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Spend For Britain-- Merged

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Britain's 22million savers have been told to give up on the idea of living off their income and start 'eating into' their capital.

Deputy Bank of England Governor Charlie Bean said it was time for the public to 'spend for Britain' to boost the faltering economy.

His comments reveal the Bank's concern over the 'paradox of thrift', in which the decisions of millions of individuals to save more in tough times can drag down the economy as a whole.

Read more: http://www.dailymail.co.uk/news/article-1315648/Band-England-tells-Britains-22million-savers-start-spending-boost-faltering-economy.html#ixzz10kRvfAXM

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To be honest the need to spend money on things other than essentials is becoming pretty much unneccesary if you are web savvy and have access to transport.

We've recently got into Freecycle in a big way and, as all being well we will be parents for the first time just after Christmas, have pretty much furnished a nursery from it, and also cleared out the room of existing furniture and underused gym equipment. Not a penny has changed hands but lots of goods have changed hands.

Probably terrible for the british economy but far better for our pockets and the environment.

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Dramatic cuts in interest rates since the start of the recession are believed to have put an extra £8 billion a year in consumers' pockets

Stay calm - Take deep breaths

All I noticed was a dramatic fall in income, so I must have been doing something wrong?

I can only offer my apologies for not knowing where this spending money was.

Where do now I apply for my slice of this £8 billion please, because I know exactly what I am going to blow the lot on.

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When the bank of England come up with statements like this you Know things aren't going to well. I think they are pushing on a string. I think it would have been better If they had given us the money instead of the banks. It would still have ended in total collapse but at least we could all of had some fun on the way down.

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When I read things like that I know the best thing for me to do is cut back on spending for a year or two.

So true :). Is there anyone left who doesn't know what happened to the yanks after they did that in 01? Is it 40 million on food stamps?

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I found this comment very interesting - the realisation is dawning that g**d is good for preserving wealth.

So its ok for the government to make cuts save more dosh and pay its debts, but for the citizens thats not ok, my money is being covnerted into gold bit by bit. .

This government and the pervious are rubbish, the MPC in my eyes is a joke waste of time, stealing from the savers, workers wages and keeping house prices up, we should be getting 5% on my cash.

- LUKE, london, 27/9/2010 17:48

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So it has come to this, our young people shouldn't be saving for the future. They should be spending like mad on useful comodities like alcohol, drugs and weapons. The first two items needed to make life bearable, the third to ensure an uninterrupted supply of items one and two. This sort of propaganda is sheer desperation. How bad must it really be if this is what BoE says in public?

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Deputy Bank of England Governor Charlie Bean said it was time for the public to 'spend for Britain' to boost the faltering economy

Righto Charlie, you swap your salary for my JSA and I'll go for it

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