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Credit crunch 'causing consumers to save more'

The rise in day-to-day living costs in the UK is causing people to increase their saving, according to the Birmingham Midshires building society.

Almost two-thirds (63 per cent) of Britons are believed to have increased their level of saving in the last three months, according to a national poll of 2,000 people carried out by the company.

It found that 14 per cent of the people it asked had managed to save £5,000 or more in the first quarter of the year and one-in-100 had saved more than £10,000.

Tim Hague, director of savings and investments at Birmingham Midshires, commented: "Despite a marked increase in living costs, people are becoming more cautious and managing to save more and spend less, with their financial future in mind."

Analysts believe the UK is better placed than the US to weather the effects of the global credit crisis, according to the Daily Telegraph.

Don Robert, chief executive of the credit check company Experian, said that he felt the UK economy is in a more stable position than the in the US.

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© Adfero Ltd

23/05/2008 15:47:57

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