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According to the latest Consumer Confidence Survey by the Nielsen Company and the British Retail Consortium (BRC), one in three people do not have any spare money to spend ... and yet the Government's austerity measures have only just begun!
Yet the most startling revelation in this report was not this, but the fact that their study also found that 82pc of consumers still believed Britain was in recession!
It also revealed that only 14pc of consumers believed the country would be out of recession in 12 months time!
Stephen Robertson, the BRC's director general, said: “The survey shows mounting worries about household costs, an unshakeable belief that we are still in recession and record numbers with no spare cash. A significant and permanent strengthening of consumer confidence is clearly some way off.”
You can say that again ... as this is yet another reality check from the consumer questioning the reality of the supposed 'recovery' ... will this lead to a self-feeding negative downward spiral ? ... no wonder the Government's looking elsewhere for someone to bail this broken economy out (e.g. business investment, exports) ...
And according to the IMF, they should not be pushing the myth of 'trickle-down' economics and proposing tax cuts for the rich!
NB Watch out because politicians are experts in spin ... and the Government are lining up to tell us that tax cuts for the rich are essential for creating growth and tackling 'the forces of stagnation' ... what rubbish ... as the rich aren't going to spend it and put it back into the economy, they'll just save it so they can become more rich!
