Wednesday 28th November 2007
More than one in three people say that they are worried about Britain's economic situation and as many as 15.3 million consumers feel financially worse off, according to a poll by uSwitch.
With 38 per cent of people who applied for a new credit card being denied in the last three months, consumer confidence is crumbling as the credit crunch starts to take hold.
According to the poll, as people worry more about the financial situation in Britain, 22 per cent said they have cut back on retail spending, and major purchases such as home improvements and exotic holidays are being put on hold too.
Ann Robinson, director of consumer policy at uSwitch.com, said: "This is crunch time for consumers and it couldn't come at a worse time of year. In the run-up to Christmas, traditionally one of the biggest periods of consumer spending, people are feeling less well-off and are worried about the future.
"They are concerned about their jobs, their homes and their ongoing ability to manage their debts and bills. The days of easy credit and the 'buy now pay later' culture may be numbered, but they will leave a painful reminder for those left struggling with debt."
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UK economy
As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero... 
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