All the day’s economic and financial news, including the final estimate of UK growth in the third quarter of 2017 * Latest: UK annual growth revised to 1.7% * But households borrow more, and dip into their savings * Savings ratio falls, as inflation eats into wages Earlier: * Spanish stock market falls after Catalan election * Analyst: Spanish PM Rajoy is weakened 11.41am GMT MEANWHILE, THERE HAS BEEN MAJOR BOMB BLAST OUTSIDE GREECE’S APPEALS COURT JUST DAYS AFTER PARLIAMENT PASSED TOUGH MEASURES PENALISING ANTI-BAILOUT PROTESTORS WHO REGULARLY GATHER AT COURT HEARINGS. 11.26am GMT THE RISE IN HOUSEHOLD BORROWING WILL FUEL CONCERNS THAT SOME UK FAMILIES ARE DANGEROUSLY IN DEBT. City fund manager Toby Nangle yesterday tweeted this chart, showing where the debt burden is falling: Each dot is a UK household in the NMG/ @bankofengland Survey pic.twitter.com/VofrrGiqf2 Feudaland’s wealth inequality might eventually prove politically unsustainable, but it would be hard to call it financially unsustainable, even in an environment where interest rates doubled. Despite exactly the same aggregate debt-metrics, Debtzania looks much more financially fragile than Feudaland. Continue reading...
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