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Average Man in Street Shows Gordon the Way

Families make biggest savings ever to clear debt - Telegraph
The ONS said that families saved 8.6p of every pound of disposable income they earned in the third quarter – the highest ever proportion. In total, households saved some £21.4 billion in those three months alone.
The disclosure is the latest evidence of how families are having to put aside unprecedented amounts of cash in order to rebuild their balance sheets, in the face of the longest recession since World War Two.
The news marks a stark contrast from early 2008 when statistics showed that, for the first time, British families were having to borrow in order to fund their everyday lives – something which contributed to the subsequent recession.

The wisdom of the crowds beats Government experts I think in this case.

Comments

Careful! While any sane human being must applaud such financial wisdom, we have a Prime Minister whose grasp of economic fundamentals is tenuous at best; Brown might just take this news as an excuse to raise taxes. I mean, given the evidence so far, if the public are "wasting" their cash by drawing down debt, he must consider that those 8.6 pennies in every pound are obviously surplus to their current owners' requirements. From there it's not a huge leap for him to decide they should be taken to be used "for the greater good" ie lining the pockets of his chums and expanding the ranks of the Turkey Army.

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