Yorkshire Bank discusses positive effects of the recession

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Yorkshire Bank discusses positive effects of the recession

Yorkshire Bank research released this week has shown that the recession may have had some positive effects upon individuals and businesses in north-west England.

According to the financial organisation, the decrease in interest rates and lower VAT levels have combined to generate more bargains and special offers on the high street, which means some individuals will be seeing a reduction in their monthly expenditures.

The bank's poll shows that 21 per cent of people living in the north-west of England have benefitted from this, compared to two per cent of individuals in East Anglia.

Head of retail banking with the firm Gary Lumby commented: "It appears [people] are also taking a more cautious approach to their money, with the majority either saving the additional money or putting it into their mortgage."

In May, Yorkshire Bank revealed that its offset plus mortgage is proving to be "popular with families" - something that could be due to the fact that it can be linked with the finances of friends or family members.

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