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Well it seems were all saving lots. Way too much says Mr negative interest rate. Thanks COVID!

With the closure and restrictions to many sources of ways to blow your cash, it seems some are saving a lot. The crunching wheels of the economy need cash oil. Prefer to think of it as water personally. Water cash. Ice assets and commodities. Easier to use the water than tap those with the ice.

Some comments on the papers, The Express, talk of "cash hoarders".

I think @Frank Hovis mentioned this recently. There is a balance of needing spenders in order to save. That balance wants to dlve to the spending side it seems.

 

https://news.sky.com/story/amp/coronavirus-households-save-cash-at-record-rate-but-it-wont-last-12086058

 

 

 

 

Edited by The Grey Man
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Have personal debt levels fallen dramatically then?

I find it hard to believe that only 6 months ago we had record levels of personal debt in the UK, yet just a few months of having to do without a Frankie and Bennies or buying some unnecessary tat from Primark and suddenly we're all net savers sitting on piles of unspent cash.

Surely this unspent cash could/should have at least have been spent paying down our personal debts and clearing our credit card balances?

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1 hour ago, Royston said:

Have personal debt levels fallen dramatically then?

I find it hard to believe that only 6 months ago we had record levels of personal debt in the UK, yet just a few months of having to do without a Frankie and Bennies or buying some unnecessary tat from Primark and suddenly we're all net savers sitting on piles of unspent cash.

Surely this unspent cash could/should have at least have been spent paying down our personal debts and clearing our credit card balances?

You are lumping everyone together into the average and that's not the way that society works.

To take one easily-defined group pensioners on decent pensions will have had the money rolling in regardless but their expenditure: cruises, holidays, short breaks,meals out, buying non-food in shops will have been drastically reduced so the cash will have been piling up.

Whereas the average hotel worker will have been on furlough at 80% of income without reduction in their basic expenditure of rent, council tax, utilities and food and will likely be further into debt.

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