Bradford & Bingley: Britons react to credit crunch

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Bradford & Bingley: Britons react to credit crunch

Thu 6th Dec 2007

Some people in the UK are reducing their spending as a result of the credit crunch, according to new findings from Bradford & Bingley.

One in five of those surveyed by the lender revealed that they are spending less, while another 36 per cent report that they are "always" careful with their finances.

However, the data also indicated that 40 per cent of consumers say they are planning to carry on with their usual spending habits.

Paul Whitlock, head of savings at Bradford & Bingley commented: "It appears that the credit crunch is now having a tangible impact on consumer behaviour.

"There are still a number though, particularly among the under-25s, who are continuing to bury their heads in the sand and are not being deterred by the prospect of higher borrowing costs and a tougher credit environment."

Meanwhile, Halifax recently reported that UK shoppers could spend a total of £12 billion this Christmas.

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