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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Wednesday 21st May 2008
Britons are being forced to give up their plans of saving money, as a result of the combined effect of the credit crunch and the rising cost of living.
Callcredit, an independent credit reference agency, polled over 2000 adults to assess how the current economic conditions had affected their finances and in particular their capacity to save money for the future.
It was found that over the last six months ten per cent of the sample had stopped saving altogether and had been forced to dip into their existing savings to make ends meet.
Meanwhile, 25 per cent said they had cut the amount they deposit in savings accounts or had stopped saving altogether.
Owen Roberts, head of Callcredit Check, said: "These findings are a stark illustration of how the credit crunch is already affecting consumers, it's clear that the rising cost of everyday living is having an immediate impact on our ability to save.
"Many of the UK's workforce are at what could be described as a financial tipping point where just one unexpected unfortunate incident could have dire financial consequences."
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