UK Money News
31st March 2008
Brits set to rein in spending
Over half of UK adults plan to rein in their spending this year in the face of the apparent economic downturn, it has been revealed.
In a poll conducted by MoneyExpert, some 57 per cent of those surveyed said they intend to slash their outgoings.
This equates to 26.3 million people, the price comparison site calculates.
Fears of a downturn are also prompting consumers to such an extent that six per cent have abandoned plans to move house, most probably because of falling house prices and the increasing difficulty of borrowing.
Sean Gardner at MoneyExpert, said that the finding were evidence that the credit crunch has now moved from being "something that just affects bankers to having real effects on real people in the real economy", but cautioned consumers over panicking unnecessarily.
He added: "There is however a risk that we could talk ourselves into a recession by panicking unnecessarily. Certainly anyone who is struggling financially should be taking action but that has always been the case.
"There are still plenty of good deals out there and people with good credit records still have plenty of choice. There’s no need to panic."
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