http://www.bloomberg.com/news/2011-07-04/cameron-presses-on-with-u-k-budget-cuts-as-consumers-suffer-stores-close.html
Two-thirds of consumers said they cut back on spending recently, while 52 percent have less hope for the future, according to a survey in the News of the World on July 3. A GfK NOP measure of sentiment fell more than economists forecast in June amid an inflation rate that’s more than twice the Bank of England’s 2 percent target.
“With a lot of countries cutting at the same time, the backdrop is difficult and monetary policy is more constrained,”said Richard Barwell, an economist at Royal Bank of Scotland Group Plc. “It’s not a great time for the household sector and it’s not going to get better anytime soon. But what would be a mistake is if the chancellor was to say, ‘I’m changing course.’”
Two-thirds of consumers said they cut back on spending recently, while 52 percent have less hope for the future, according to a survey in the News of the World on July 3. A GfK NOP measure of sentiment fell more than economists forecast in June amid an inflation rate that’s more than twice the Bank of England’s 2 percent target.
“With a lot of countries cutting at the same time, the backdrop is difficult and monetary policy is more constrained,”said Richard Barwell, an economist at Royal Bank of Scotland Group Plc. “It’s not a great time for the household sector and it’s not going to get better anytime soon. But what would be a mistake is if the chancellor was to say, ‘I’m changing course.’”
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