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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Friday 21st December 2007
Current accounts across the UK are set to be lower than ever over the coming week as people splash out on the festive period.
According to new research from Sainsbury's Bank, Britons' bank accounts are set to bear the brunt of last-minute shopping and Christmas celebrations, with ATMs doling out a massive £10 billion across the country over the course of December.
Commenting on this huge amount, Alex Blake, head of ATMs at Sainsbury's, said: "People are more reliant on ATMs than ever before and the peak time for cash withdrawals is December. This helps explain why there has been a 29 per cent increase in the number of ATMs between December 2003 and June 2007."
The £10 billion that is expected to be taken out of ATMs this month is the highest monthly amount ever recorded, Sainsbury's states, suggesting that concerns surrounding a slowdown in the UK economy are not having an effect on people's spending habits just yet.
The impact on people's current accounts will be seen in the new year, when many people will no doubt be feeling the pinch and looking to save their pennies.
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