A new report reveals that the British cannot get enough of the finer things in life and are not afraid of going in to debt to get them.
In an article from Reuters (London), Neil Mason, senior retail analyst at the consumer research group Mintel said, "It takes a lot to dampen down consumer confidence as last year Brits continued to spend, spend, spend!"
In the Mintel report, consumer spending on things like holidays, cars, clothes and eating out hit £1.09 trillion in 2006 which represented a 9% increase on the previous year. With interest rates at some of their lowest levels in years and the economy booming, it is easy to see why. Mintel goes on to say that the consumer should beware however. With interest rates now on the increase and with further hikes muted in the near future in an attempt by the Bank of England to reign in inflation to within govenrment targets, there are fears of a significant number of people falling into arrears which may then fuel a slump.
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Good comebacks...
Man: "I would go to the end of the world for you.
Woman: "Yes, but would you stay there?
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