interestrateripoff Posted June 10, 2011 Share Posted June 10, 2011 http://www.guardian.co.uk/business/2011/jun/10/20-million-britons-cutting-back-on-spending The full extent of the squeeze on living standards in Britain has been revealed in a new report estimating that 20 million Britons tightened their belts in the first few months of 2011.Registering a sharp drop in consumer confidence over the past year across eight different demographic groups, a survey by the financial firm Axa found people cutting back on going out, car usage, food shopping and holidays. A poll of almost 2,000 people conducted by YouGov found a sharp drop in financial confidence over the 12 months to March, a period that coincided with a slowdown in the economy, rising taxes, higher inflation and the announcement of the coalition government's austerity plan. Spending restraint was particularly evident among those the survey calls "the stretched" – people in their 20s and 30s on low incomes with few financial assets – and among young professionals of a similar age with no children hoping to move out of rented accommodation into their own homes. "A striking 40% of consumers (up to 20 million people) chose to go out less between January and March this year, a five percentage point increase on the previous quarter," Axa said. "Half (48%) of those in the most pessimistic group, young professionals, cut back on going out. The proportion among the stretched was even higher at 56%." The survey found that while millions of consumers were making economies in order to pay off their credit card debts, one in four of those quizzed said they were dipping into their savings to fund everyday expenditure. A fifth of the population said they now regretted some of the financial decisions they had taken before the deep recession of 2008-09. Axa said that "nest builders" – people in their 30s and 40s with young families and large mortgages – and the stretched tended to be the most regretful. High inflation destroys the living standards of the low wage, Mervyn the vigilant has seen to that. So it appears that those with over large mortgages are getting worried. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 10, 2011 Share Posted June 10, 2011 It's not stopping people asking ludicrous prices for their houses though, nor numpties offering full asking price. People cut back on everything else, but when it comes to house prices they still offer full asking prices - morons! Quote Link to comment Share on other sites More sharing options...
Errol Posted June 10, 2011 Share Posted June 10, 2011 Everbody should be worried. Things are about to get much more nasty. Quote Link to comment Share on other sites More sharing options...
Lepista Posted June 10, 2011 Share Posted June 10, 2011 It's not stopping people asking ludicrous prices for their houses though, nor numpties offering full asking price. People cut back on everything else, but when it comes to house prices they still offer full asking prices - morons! It's their only glimmer of hope, to pay back the mortgage and MEW, with a little left over to pay off the credit cards. If they don't sell for that price, then they are well and truly FUBAR'ed. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted June 10, 2011 Share Posted June 10, 2011 High inflation destroys the living standards of the low wage, Mervyn the vigilant has seen to that. So it appears that those with over large mortgages are getting worried. Merv's inaction will condem many to a slow slide into bankruptcy. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 10, 2011 Author Share Posted June 10, 2011 It's their only glimmer of hope, to pay back the mortgage and MEW, with a little left over to pay off the credit cards. If they don't sell for that price, then they are well and truly FUBAR'ed. Don't forget the banks as well. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted June 10, 2011 Share Posted June 10, 2011 Everbody should be worried. Things are about to get much more nasty. I hope so, I'm bored of stagnation. Quote Link to comment Share on other sites More sharing options...
'Bart' Posted June 10, 2011 Share Posted June 10, 2011 Merv's inaction will condem many to a slow slide into bankruptcy. Reminds of of this. Pull his string and hear three exciting phrases: "We are being vigilant". "Inflation will be lower in 18 months". "It wasn't my fault". Comes with a gold plated pension and a set of 1st class stamps. Spine sold separately [out of stock]. Quote Link to comment Share on other sites More sharing options...
Superted187 Posted June 10, 2011 Share Posted June 10, 2011 I lol'ed at Inaction Man. I can totally see everyone I know slamming the anchors on their spending. Personally, the one that has got me is fuel prices. I've personally just stopped buying things that I don't need (not getting that new HDD for my PC, etc), and I've cut my going out right back. The last time I went out for a drink on a Saturday, I kept it brief, and it looked like everyone else was to. The bars were all dead for a Saturday night. It isn't easy. We've got piss poor interest rates devaluing our savings, energy suppliers bouncing prices up whenever they can, increasing rents and increasing food prices. Meanwhile our elected representatives choose to use the precious 30 minutes of Prime Minister's Questions to quiz our leader about rugby or football, rather than pressing him on the state of the economy (see the PMQs on the 08/06/2011) If we are a consumer based economy and the consumers are consuming less, doesn't that mean that we are basically fooked? Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted June 10, 2011 Share Posted June 10, 2011 Working as a chef I can see a lot of people are substituting expensive items for cheaper items. Heh the owner of the resturant where I played chef for lunch about half an hour ago he was unhappy at how everybody was drinking tap water. You should have seen how many bread rolls people were taking out the baskets as well. Heh have to bake more for this evening now. Bread rolls are of course semi free. Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted June 10, 2011 Share Posted June 10, 2011 If we are a consumer based economy and the consumers are consuming less, doesn't that mean that we are basically fooked? Fooked is too mild.... think bukkake party! Quote Link to comment Share on other sites More sharing options...
pathfinder Posted June 10, 2011 Share Posted June 10, 2011 "the stretched" – people in their 20s and 30s on low incomes with few financial assets Funny I would have thought "the stretched" were people in high levels of debt, the 20s and 30s on low incomes with few financial assets have reassessed the important things in life that's all. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted June 10, 2011 Share Posted June 10, 2011 Reminds of of this. Pull his string and hear three exciting phrases: "We are being vigilant". "Inflation will be lower in 18 months". "It wasn't my fault". Comes with a gold plated pension and a set of 1st class stamps. Spine sold separately [out of stock]. Brilliant. Additional attachments: folio case complete with letters to Chancellor ( with a new one to collect every month!) Quote Link to comment Share on other sites More sharing options...
SarahBell Posted June 10, 2011 Share Posted June 10, 2011 If you've got cash in the bank you're probably not getting enough interest to spend anything from it... Quote Link to comment Share on other sites More sharing options...
'Bart' Posted June 10, 2011 Share Posted June 10, 2011 Additional attachments: folio case complete with letters to Chancellor ( with a new one to collect every month!) I like your thinking. We could call the doll "Inaction Merv". Fun for all the family (if your family name is Rothschild). Anybody who genuinely wants a talking "Inaction Merv" should check this site out: http://www.herobuilders.com/ Quote Link to comment Share on other sites More sharing options...
General Congreve Posted June 10, 2011 Share Posted June 10, 2011 merv's behaviour is relative.a lot of the bankers think he's done a great job. I think he's doing a great job too. May he ZIRP and QE to infinity. Quote Link to comment Share on other sites More sharing options...
Ungeared Posted June 10, 2011 Share Posted June 10, 2011 I've just purchased a part worn tyre for £15, i've done my bit Quote Link to comment Share on other sites More sharing options...
@contradevian Posted June 10, 2011 Share Posted June 10, 2011 Reminds of of this. Pull his string and hear three exciting phrases: "We are being vigilant". "Inflation will be lower in 18 months". "It wasn't my fault". Comes with a gold plated pension and a set of 1st class stamps. Spine sold separately [out of stock]. Brilliant Bart. We must get them in the stores for Christmas. Assuming there are any stores left! Quote Link to comment Share on other sites More sharing options...
kilroy Posted June 10, 2011 Share Posted June 10, 2011 I like your thinking. We could call the doll "Inaction Merv". Fun for all the family (if your family name is Rothschild). Anybody who genuinely wants a talking "Inaction Merv" should check this site out: http://www.herobuilders.com/ "now with patented arm action; you too can activate the printing press over and over and over, almost like in real life" Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted June 10, 2011 Share Posted June 10, 2011 20 million people. If they only cut back a £1 a week that 's 20 million quid a week, that's a good few bob. Quote Link to comment Share on other sites More sharing options...
Kurt Barlow Posted June 10, 2011 Share Posted June 10, 2011 20 million people. If they only cut back a £1 a week that 's 20 million quid a week, that's a good few bob. I feel a money saving tips thread coming on Quote Link to comment Share on other sites More sharing options...
eightiesgirly Posted June 10, 2011 Share Posted June 10, 2011 I feel a money saving tips thread coming on Oh I don't think Argos would appreciate that, they is having a bad day you know. Quote Link to comment Share on other sites More sharing options...
cells Posted June 10, 2011 Share Posted June 10, 2011 I know a lot of people in catering. All crying that business is down a lot vs last year Quote Link to comment Share on other sites More sharing options...
'Bart' Posted June 10, 2011 Share Posted June 10, 2011 Brilliant Bart. We must get them in the stores for Christmas. Assuming there are any stores left! And now a knight of the realm, like your good self. Worth a limited special edition version with "Sir Merv" in full penguin suit? Quote Link to comment Share on other sites More sharing options...
StainlessSteelCat Posted June 11, 2011 Share Posted June 11, 2011 If you've got cash in the bank you're probably not getting enough interest to spend anything from it... Dead right. A few years ago, the yearly interest on my savings covered half of the yearly rent. Happy days - so I was OK with spending on the odd bit of consumer tat. Now I have more than twice the savings I had then, the yearly interest just about covers a month or so of rent. Result - I'm spending absolutely nowt. Saving more than ever to try and keep pace with inflation and ensure I can get out if the balloon goes up here. Quote Link to comment Share on other sites More sharing options...
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