UK economy vulnerable to consumption-led recession

Charlie Bean
Charlie Bean: “not implausible you could get a sharp slowdown” if people start saving more
Bank of England

The UK has long been reliant on consumer spending for its growth, which looks increasingly fragile in the wake of its vote to leave the European Union, former Bank of England (BoE) officials warned today (August 2).

Consumption is likely to be “squeezed” in the months ahead as inflation runs ahead of wage growth, former BoE deputy governor John Gieve said during a panel discussion hosted by Fathom Consulting.

Charlie Bean, another former BoE deputy, noted that given the UK’s very low savings

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