Q1 consumer borrowing soars


Consumer borrowing soared by £22.4bn in the first quarter of 2008, up £13bn on the same period in 2007, according to Research commissioned by Unbiased.co.uk.

The Savings Break research, which compares borrowing levels (excluding mortgage debt) with saving statistics, shows that for every pound UK consumers saved during the first three months of 2008, they borrowed 69 pence. This is an increase of 29 pence borrowed against every pound during the first quarter of 2007. The findings also highlighted that, in addition to rocketing borrowing levels, consumers reduced savings ­­- the amount kept in reserve dipped by £11bn to £32.7bn in quarter one of 2008. David Elms, chief executive of Unbiased.co.uk, commented: "2008 has started turbulently for ...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Economics / Markets

OBR intendeds to reduce these forecasts by between 0.2% and 0.5% because of weakness in the economy and labour market shortages

Britain growth forecast to be downgraded before March impacting Budget

Due to weakness in the economy and labour market shortages

Kathleen Gallagher
clock 25 January 2023 • 1 min read
As part of the Brexit agreement the UK said EU fund regulation would be considered “equivalent” until the end of 2025.

UK raises questions over EU fund regulation suitability post-Brexit

Bank of England governor stressed concerns around money-market funds

Kathleen Gallagher
clock 24 January 2023 • 2 min read
Industry Voice: History suggests dividends can continue to grow

Industry Voice: History suggests dividends can continue to grow

The key is finding the right companies

Aditya Shivram, portfolio manager at Fidelity International
clock 20 January 2023 • 1 min read