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Loan charges: Consumers now have less to spend than in January

UK consumers who are already facing high loan charges now have less to spend than they did at the beginning of the year, according to a new report.

The Office for National Statistics has revealed that its latest savings ratio, which shows the amount Brits have after consumption, dropped from 5.1 per cent to 4.6 per cent between January and March.

According to the report, the high levels of inflation has meant that many consumers are forking out more and more on essentials such as food and fuel.

Charles Davis, managing economist at Centre for Economic and Business Research, revealed that the lack of consumer funds will mean that the base rate is likely to stay at its historic low rate for the foreseeable future.

He said: "It is the continued squeeze on household incomes and consequent weakness in spending that means the Bank of England is likely to hold off from raising interest rates until the first quarter of 2012." 

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800602715-ADNFCR

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