Reuters / Arnd Wiegmann The UK savings rate suddenly looks like it is going to go up. That's because Brits are not taking on new debts. Credit Suisse argues that consumers were willing to tolerate the short-term negatives of Brexit, but they are not going to finance the long-term. People are "realizing that the damage to their real incomes from the Brexit vote is permanent, not transient," CS says. None of this looks good for economic growth. British consumers have stopped taking on more debt and started saving their money again, in a sudden reversal of two trends that propped up economic growth in Britain over the last year.
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jedwards@businessinsider.com (Jim Edwards), Business Insider
Sun, 05/20/2018 - 12:33am
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