| UK consumers 'less willing to spend spare cash' |
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 A new survey from the Confederation of British Industry (CBI) has found that UK consumers are "very short of spare cash" in the current credit crunch.The CBI's Distributive Trades Survey found that 61 per cent of retail businesses experienced lowed sales during July than in the previous year. According to the British Retail Consortium (BRC), people in the UK are less willing to spend their spare cash on "non-essential items", which confirms "how tough conditions are at the moment". Richard Dodd, spokesman for the BRC, said: "People are short of spare money and what spare money they have they are reluctant to spend because they are nervous about how conditions are going to shape up. "There is no indication that things are going to improve any time in the near future because those pressures on customer's personal finances are clearly here to stay." Recent research from Bibby Financial Services also found that rising costs were affecting 79 per cent of small businesses in the UK, SMEWeb.com reported.  |
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