Consumers cut back could lead to cost cutting
January 29th 08:46 Cost Management
UK companies may look into effective facilities management to assist with cutting costs following the publication of a report into consumer spending.
According to a recent report by accountancy software firm Accountz, more than half of British consumers plan to cut back their spending in 2010.
The firm said the planned cutback could be attributed to the recent rise in VAT.
As announced by chancellor of the exchequer Alistair Darling last year, the rate of VAT reverted to 17.5 per cent on January 1st this year following a temporary reduction to 15 per cent.
The plans to reduce spending came despite 61 per cent of the survey's respondents saying they felt the chancellor's decision was "fair".
"This survey highlights the financial insecurity that is rife amongst Brits at this current moment in time," said Quentin Pain, founder of Accountz.
"As much as we would like to support our retail industry and purchase items as frivolously as we once did, we are clearly evolving and becoming more savvy with our finances, even though we rarely budget and forecast as we probably should."
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