UK Money News
12th February 2008
Cautious Brits set to save more this year
Britons will react to this year's economic slowdown by cutting spending in favour of amassing savings in their accounts, according to one of the largest high street banks.
The trend is often marked at times of economic downturn, James Clarke of Halifax said, who predicts that the amount held in the bank's customers' savings accounts will swell this year as they change the 'buy now pay later' habits that have characterised the last ten years of consumer activity.
He explained: "When the economy is growing, people are confident about their ability to spend and repay debt so they are happier to spend.
"When things begin to slow down, people think 'now I need my rainy day money' - it's almost the reverse of what it should be."
Last week, the Bank of England's monetary policy cut the base rate by 0.25 per cent in a bid to restore consumer confidence in the face of fears that the economy could slip into recession this year.
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