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12/10/2005
British consumers ‘overspend’ by £200 billion
British shoppers overspend by around £200 billion per year, according to research conducted by online bank, Egg.
The Internet bank found that the average person thinks they spend around £418 per month on their credit and debit cards. However, the actual figure is closer to double that amount, at £775. Egg says that this amounts to an overspend of £200 billion of which UK consumers are unaware.
Egg found that just over half (52%) of the people questioned during the survey admitted that they were unsure of how much they actually spent on their cards each month.
The research also indicated that more women than men thought they spent less each month.
Egg said that the lack of awareness appeared to be due to the fact that there were so many different ways that consumers could pay for goods and services. The bank warned that this could lead to consumers spending money that they think is theirs, only for a forgotten Direct Debit to come out later in the month, which takes them over their limit, resulting in unnecessary banking charges and costs.
Andy Deller, Egg’s Chief Marketing Officer, warned: “Plastic is clearly the choice of the UK consumer when it comes to spending, but our Egg Money research clearly indicates that the increasingly complex nature of our finances means it is often hard to keep track of how much we are spending.”
(KMcA/SP)
The Internet bank found that the average person thinks they spend around £418 per month on their credit and debit cards. However, the actual figure is closer to double that amount, at £775. Egg says that this amounts to an overspend of £200 billion of which UK consumers are unaware.
Egg found that just over half (52%) of the people questioned during the survey admitted that they were unsure of how much they actually spent on their cards each month.
The research also indicated that more women than men thought they spent less each month.
Egg said that the lack of awareness appeared to be due to the fact that there were so many different ways that consumers could pay for goods and services. The bank warned that this could lead to consumers spending money that they think is theirs, only for a forgotten Direct Debit to come out later in the month, which takes them over their limit, resulting in unnecessary banking charges and costs.
Andy Deller, Egg’s Chief Marketing Officer, warned: “Plastic is clearly the choice of the UK consumer when it comes to spending, but our Egg Money research clearly indicates that the increasingly complex nature of our finances means it is often hard to keep track of how much we are spending.”
(KMcA/SP)
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05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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