Spend, Spend, Spend in the UK

The Guardian’s Larry Elliott has written on the state of the UK economy, and how its buoyancy is harming the environment. Four interest rate rises since last summer have attempted to curb the ‘spend, spend, spend’ culture, made possible by cheap borrowing and low unemployment. A Mintel survey shows that last year, UK spending exceeded £1 trillion as UK residents have the capability to buy all they need, and much more.

Some analysts believe that interest rates need to be pushed all the way to 6% in order to level out the economy, but Elliott believes that, ‘any period of belt-tightening will be temporary, when what is needed is a prolonged period of restraint, moderation and thrift.’

He goes on to say that the current economic climate is mutually exclusive with a green culture, ‘The debate over climate change makes a revolution in attitudes less difficult than might appear, but only marginally. It is good news that the government has finally woken up to the risks of global warming; less encouraging that it persists in the fantasy that cutting emissions is consistent with a business-as-usual, go-for-growth economic strategy.’ :: The Guardian

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