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UK savings ratio highest for six years

It has been revealed that the average UK home is now putting aside 5.6% of monthly income for savings, against just 1.7% at this time last year. While on the surface this is obviously a very positive move, it does appear that many are saving for the future because they are unsure about job security, future income and the cost of living. On the plus side, the amount of debt being taken on by UK consumers has fallen markedly over the last few months which is obviously a move in the right direction if we are to rectify the current situation regarding national debt and consumer debt.

It was also interesting to see that the Office for National Statistics issued a revised gross domestic product growth rate for the second quarter of 2009 down from -0.7% to -0.6%. While again, this revision has been well received by analysts and investors, it does show that more and more official government statistics are being revised at a later date, with many now wondering whether we should believe the initial figures released.

It is difficult enough to forecast the performance of the U.K. economy with accurate figures to hand, but it is impossible with information which may or may not be revised at a later date.

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