UK Debt Crisis Is Here – Consumer Spending, Employment and Sterling Fall While Inflation Takes Off

– UK debt crisis is here – consumer spending, employment and sterling fall while inflation takes off
– Personal debt crisis coming to fore – litigation cases go beyond 2008 levels
– October consumer spending fell by 2% in October, the fastest year-on-year decline in four years
– Britons ‘face expensive Christmas dinner’ as food price inflation soars
– Gold investors buying physical gold due to precarious UK and US outlook

Editor: Mark O’Byrne

The long heralded UK debt crisis is here and data released in the U.K. this week clearly shows this.

This is seen in UK retail sales and consumer spending which plunged in October, employment falling, pay stagnant and inflation ticking higher as sterling remains under pressure.

Yesterday, official UK figures showed prices were up by 4.2% last month on 12 months earlier, the highest level in four years. Britons ‘face expensive Christmas dinner’ as food price inflation soars reported The Guardian yesterday.

Meanwhile stock markets make new highs every week but the underlying economic data is not reflecting the “irrational exuberance” being seen in global stock markets.