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The UK tighten''s it''s belt in face of a GDP slump.
05 October 2009
LONDON (Reuters) - The scale of Britons' belt-tightening was laid bare on Tuesday by data showing record consumer credit repayments in August and a five-year high in households' savings ratio in the second quarter.
Official data confirmed the economy suffered its worst 12 months since modern records began in 1955, with output falling by 5.5 percent year-on-year in Q2.
Faced with a growing risk of unemployment, households reduced debt levels and increased savings -- as well as finding it harder to access cheap loan deals.
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