Beer or Mortgage? UK gives US a proper taste test..

July 31, 2007

U.K. Consumers Cut Back on Beer, Shoes as Mortgage Crunch Looms

“We have a fixed-rate squeeze coming,” said Alan Clarke, an economist at BNP Paribas in London. “Consumers are going to bear the brunt of a slowdown.”
Ben Craster, 33, of London, says he’ll be drinking less beer this summer. Craster said a new mortgage “is going to cost me an extra 200 to 300 pounds a month, easily.” After considering the impact on his beer budget, he said he may take more drastic action. “I may think about selling,” he said after cycling to visit a client to save a one-pound bus fare. “It’s getting too expensive to live in London.


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