New Research Reveals Positive Impact Of Economic Downturn

14/8/09

New research from Yorkshire Bank has revealed that 1 in every 16 people in the UK has benefited positively from the current economic downturn.

The drop in interest rates combined with the lower rate of VAT and more bargains on the High Street have seen many people reduce their monthly outgoings.

The research showed that 21% of those surveyed in the north east have benefitted compared with just 2% of those in the south west and East Anglia.

Regional breakdown of those who have positively benefitted from the economic downturn:

North East  21%
South East  12%
London   9%
Wales   8%
Yorkshire  5%
North West  5%
East Midlands  5%
West Midlands  3%
South West  2%
East Anglia  2%

Of those who have benefited the majority are saving any additional money with 55% taking this prudent approach. A further 26% are putting more into their mortgage payments in order to reduce their mortgage whilst interest rates are low.

Gary Lumby, Head of Retail Banking Yorkshire Bank, said: “The economic downturn has had a negative impact for many people but we have found that there other who have positively benefited.

“However it appears they are also taking a more cautious approach to their money with the majority either saving the additional money or putting it into their mortgage.”