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Spending hits record levels

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    British spending has hit record levels as consumers parted with £1 trillion (one million million) last year alone. On average, each household in the UK spent £37,000 last year, with the largest part being spent on housing but spending on non-essential items such as holidays, cars and furniture increasing significantly.
    The overall spending figure is an increase of 43 per cent once inflation has been taken into account, from the figure in 1995 in which spending amounted to £540 billion. "The £1 trillion mark is a significant milestone in the expansion of the British consumer economy," commented Paul Rickard, Director of Research at market research company Mintel, who carried out the study.
    "The last ten years have clearly been the decade of big ticket purchases and the buoyant expenditure on these items such as holidays, cars, furniture and appliances reflects the growing affluence of the British nation as a whole."
    While consumer credit peaked at £23 billion in 2004 as more and more people borrowed on loans and credit cards, it fell by 28 per cent between 2004 and 2005 as people became more sensible about borrowing, claimed the report. If you are worried about high levels of spending, order your credit report now to find out where you stand financially.




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