Thanks to Samizdata for this blog post.
This came from The Times and had this lede:
Anxious families are repaying debts instead of spending in the shops, amid concern over the uncertain economic outlook. The share of income saved in banks and building societies has risen to its highest level in more than a decade, heightening fears that faltering consumer demand could prolong the recession.Thank God it is the UK where this sort of bad behavior is happening.
Or is it?♠
Regards — Cliff
♠ Some argue that saving is important in a recession and that there is no "paradox of thrift".