Time to "batten down the hatches" on spending

Money News

www.moneynews.co.uk > General finance > Time to "batten down the hatches" on spending

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Time to "batten down the hatches" on spending

The chief economist at HSBC has suggested that the Bank of England's latest warnings over inflation and an economic slowdown should be taken as a warning to consumers to be "more cautious on consumption".

Stephen King told Channel 4 News that "consumers should be saving more than they should be spending; we've got to export more, consume less" in order to try and sort out balance of payments issues and rising debt.

His comments come after Bank of England governor Mervyn King warned that the standard of living in the UK is set to fall as households feel the pinch of rising inflation.

Petrol and food prices have risen significantly recently, driving inflation to a seven-year high.

In what was a sobering statement after ten years of economic growth, Mr King refused to rule out the possibility of a recession this year and said house prices may not rise for another three or four years.
ADNFCR-323-ID-18468935-ADNFCR

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : HSBC

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet