Which?: Response to today's GDP figures |

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Which?: Response to today's GDP figures

Which? press release

Which executive director Richard Lloyd said:

"Today's shocking GDP figures are further evidence of what hard-pressed
consumers know only too well, that we are in the midst of the biggest
financial squeeze since the 1920s.

"Our Consumer Report found Britons are among the most economically
vulnerable consumers in Europe, with people's ability to save at rock
bottom and personal debt levels sky high. Alarming numbers of people say
they are forced to take on new forms of debt just to make ends meet, and
many more say they would not cope with unexpected shocks to their
incomes or household bills. Three quarters of the British public
describe the UK economy as 'poor' and half of the population believe it
will only get worse over the coming 12 months.

"Four in ten people said they planned to cut back on food spending in
the coming months, and only 7% of people said they are willing to spend
any leftover money they have. This growing reluctance to spend and the
collapse in consumer confidence has severe implications for our economic
recovery.

"The Chancellor needs to get money back in people's pockets to help
households who are struggling to cope with rising fuel, energy, mortgage
and food costs. That's what will really boost consumer confidence and
spending power, which is essential for getting sustainable growth going
in the economy."

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