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PPI Claim News - 19/1/2010

Loan Claim: UK economy faces painful decade

Britain faces a decade of "painful economic adjustment", a study has revealed.

Economic forecast group Ernst and Young Item Club warned that UK consumers are completely "cashed out" from frivolous spending over the past decade.

Consumer spending is only expected to rise by 0.4 per cent in 2010 as interest rates remain flat. Earlier this month the Bank of England announced that interest rates would remain at 0.5 per cent for the ninth consecutive month.

The figures come after what has been called a "decade of debt", in which several UK banks including Northern Rock and the Royal Bank of Scotland received cash bail outs from the Government.

Item economist Peter Spencer, who administrated the study, told Money Marketing: "Although confidence is slowly returning to the banking markets, these are unlikely to normalise until the UK banks repay their obligations to overseas banks and to the Government."

The report also stated that export markets are key to any economic growth as firms can no longer rely on domestic consumerism and must instead look for customers overseas.

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19564160-ADNFCR

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