Insights from the UK and beyond
DLD (Digital - Life - Design) is a three-day experience gathering 800 entrepreneurs, investors, philantropists, scientists, artists and creative minds from all over the world. With global diversity in attendees and an interdisciplinary perspective of digital, media, design, art, science, brands, consumers and society, the conference is known as the European forum for the "creative class".
from The Great Debate UK:
James Saft is a Reuters columnist. The opinions expressed are his own.
Even in the good times, many British consumers were borrowing against their houses just to fund routine consumption, indicating a big hit to come for retail sales and for the banks who hold the loans.
With house prices falling rapidly and mortgage debt tougher to get, it is no surprise that homeowners are less able and inclined to borrow against their houses in order to spend.
The dust has settled on Alistair Darling’s first Budget and consumers have been given little reason for celebration. The Chancellor, though announcing various measures designed to increase housing affordability, has done nothing to help the masses.
There were no moves to give a helping hand to hard-pressed householders, already struggling amid rocketing mortgage, food, fuel and tax costs, to ride out an impending recession. Darling did pledge to introduce a savings scheme targeted at low and moderate earners, often least able to save: the “saving gateway” will attract government matching for savings over the duration of people’s participation in the scheme. This has the potential to introduce up to eight million people into mainstream savings in the UK who otherwise might not make thrift a priority.