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PPI Claims: Recession 'has altered spending habits'

Bank refunds could be used to help people purchase holidays and eat out more often.

New figures from the Institute for Fiscal Studies found there had been a decrease in the amount of money people were spending on these items, as they readjusted their finances to cope with the aftermath of the financial crisis.

During the 2008-09 recession, people reduced their spending by five per cent and individuals have continued with these frugal habits. The IFS statistics revealed during the first quarter of 2011 spending was still below that of previous recessions in the 1980s and 90s.

Cormac O'Dea, a senior research economist at the IFS, said the drop in household spending since 2008 is significant in both its duration and the amount it has decreased by.

The Monetary Policy Committee at the Bank of England stated the economic downturn was more serious than originally believed and the drop in consumer spending was a contributing factor.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800763941-ADNFCR

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