Subscribe to The Money StopNews Feed

Browse > Home / News, News-Loans / Consumers must curb borrowing, says Osborne

Consumers must curb borrowing, says Osborne

June 18, 2008 by admin  
Filed under News, News-Loans

Leave a Comment

The shadow chancellor George Osborne has said that people need to make an effort to curb their borrowing and take out fewer loans.

Speaking on Channel 4’s ‘News at Noon’, Mr Osborne said that in order to get inflation under control, people must cut their spending.

“People have to be cautious about entering into long-term financial commitments. For example, looking at how much they’re borrowing and watching the pennies basically,” he commented.

This comes just as MGM Advantage has revealed that 55 per cent of Brits are putting their money into savings accounts, although one in five of those in debt still prefer to keep their money at home than in the bank.

According to a recent survey by the company, at the other end of the scale, one in four of those who have more than £1 million in assets also shun savings accounts in favour of stashing their cash at home.

Tags:

Related Entries

  • Increase in deposit protection planned by government
    • According to a recent report the government is hoping to provide the nation's savers with increased security and peace of mind by increasing protection on deposits that are made into financial institutions. Until last summer
  • Three way split on interest rates for July
    • The minutes of the latest Monetary Policy Committee meeting, which was held earlier this month, has shown that there was a three way split on interest rate movement for the month of July, indicating that
  • 2007 ended with lower lending levels from banks
    • A recent report has shown that there was a significantly lower level of lending to households from banks in the UK during the fourth quarter of last year. The information was released by the Bank
  • Darling accused of incompetence over Northern Rock loan
    • Chancellor, Alistair Darling, found himself the recipient of a vicious verbal attack by the shadow chancellor George Osborne earlier this week, when he was challenged in the Commons over the loan that was granted to
  • Gapyear travellers “don’t understand insurance”
    • People taking a gap year do not understand travel insurance and see taking it out as an obligation, according to one industry figure. Tony Griffiths, the founder of gapyear.com, states that although gapyear travellers are
  • Brits urged to borrow sensibly
    • British consumers are being encouraged to make sure that they only borrow what they can reasonably pay back.Debt advice firm Thomas Charles is calling upon Britons to take control of their finances following the expensive
  • UK facing worst economic crisis in six decades
    • In a very stark and frank interview with a national newspaper Alistair Darling, the Chancellor of the Exchequer, has stated that the UK is facing its worst economic crisis in six decades. The chancellor insisted
  • Britain facing recession by end of year
    • Over recent weeks a number of industry professionals and groups have said that Britain will slide into recession by the end of the year. The latest warning comes from the European Union, which has warned

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!