http://www.guardian.co.uk/money/2008...-credit-crunch
British consumers are borrowing their way out of the credit crunch while on the continent they are switching to saving, according to a report yesterday by accountants PricewaterhouseCoopers.
Total borrowing reached £1.5tn in the year to September, driven mainly by a 6% growth in unsecured lending on credit cards and loans. PWC said: "Levels of unsecured borrowing in credit-hungry Britain far outstrip those of any established European market." Unsecured borrowing in Britain amounts to 17% of national income. It averages 7% to 13% across the rest of the continent.
http://www.guardian.co.uk/business/2...ufacturing-pmi
A sharp slump in new orders has pushed Britain's struggling manufacturing industry to its lowest point in at least 16 years.
The latest purchasing managers index, published this morning, sent shares falling in London, weakened the pound and fuelled speculation of a hefty cut in interest rates.
The PMI manufacturing data for November showed that activity in the sector shrank to its lowest point since the survey began in 1992. The headline figure plunged to 34.4, down from 40.7 in October, making November the third month in a row to see a record decline. This is also the biggest monthly drop on record since the Chartered Institute of Purchasing and Supply began the series in 1992. Any figure below 50 indicates a contraction.
British consumers are borrowing their way out of the credit crunch while on the continent they are switching to saving, according to a report yesterday by accountants PricewaterhouseCoopers.
Total borrowing reached £1.5tn in the year to September, driven mainly by a 6% growth in unsecured lending on credit cards and loans. PWC said: "Levels of unsecured borrowing in credit-hungry Britain far outstrip those of any established European market." Unsecured borrowing in Britain amounts to 17% of national income. It averages 7% to 13% across the rest of the continent.
http://www.guardian.co.uk/business/2...ufacturing-pmi
A sharp slump in new orders has pushed Britain's struggling manufacturing industry to its lowest point in at least 16 years.
The latest purchasing managers index, published this morning, sent shares falling in London, weakened the pound and fuelled speculation of a hefty cut in interest rates.
The PMI manufacturing data for November showed that activity in the sector shrank to its lowest point since the survey began in 1992. The headline figure plunged to 34.4, down from 40.7 in October, making November the third month in a row to see a record decline. This is also the biggest monthly drop on record since the Chartered Institute of Purchasing and Supply began the series in 1992. Any figure below 50 indicates a contraction.
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