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"Many Brits do not worry about credit crunch"

By admin | August 5th, 2008 | General

A recent report has suggested that many Brits may not be all that worried about the ongoing global credit crunch, with many stating that the credit crunch is unlikely to affect them or their lifestyles. A survey was carried out by insurance company Zurich, and showed that around 36% of Brits were not concerned as they did not think that the global credit crunch would affect them.

The financial markets since the onset of the global credit crunch have been filled with doom and gloom, and many households have suffered increased financial strain due to higher bills and living costs. However, around 43% of those polled by Zurich said that they would not be cutting back on spending. However, some people did say that they would cut back on savings and investments.

Michael Portillo recently commented on the financial situation and credit crunch in the UK, stating: ‘I think that we have a lot further to go in terms of our problems. The government has been borrowing too much. The economy has been besotted with debt, in both personal and national terms and it has also been besotted with property prices.’

He added: ‘I think the fragile confidence in the economy will be aggravated by the fragile confidence in financial institutions and Parliament too, such as with issues concerning MPs expenses.’

He continued: ‘Property prices have been so over-inflated in the UK and I believe that they are the single greatest cause of social inequality in this country.’

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