Is the UK consumer a spent force?
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As we enter 2006, the UK economic backdrop remains as confused as ever. Consumer credit in terms of credit card spending slumped to just £307m in November, the lowest since June 2001, and while the annual rate of consumer credit growth may still be running at a healthy 9.8%, this compares with 11.4% back in August. The appetite for consumer credit is seemingly wilting in the face of concerns over the state of personal balance sheets.
Nonetheless, while credit card spending may be waning, mortgage
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