/24-7PressRelease/ - LONDON, UK, December 16, 2007 - According to figures, more than 3.2 billion of cash has been withdrawn from LINK cash machines so far in the month of December. This comes to an increase of 140 million over the same period last year. The average daily cash withdrawal in the first ten days of December was more than 7 percent higher than the November figures.
The amount of cash withdrawn is a good measure of retail spending that is likely to take place in the market. The statistics indicate a strong retail market in the festive season despite the fact that the UK financial markets are still facing a severe credit crunch. The last week's rate cut by the Bank of England has given boost to the credit market.
Richard Snook, an economist at the Centre for Economics and Business Research, said: "Consumers are confidently withdrawing money, which we believe points to a good Christmas in store for retailers." In a separate development, APACS estimated that credit card spending in the UK may reach 11.7 billion during December 2007. Besides, many people take Christmas loans and personal loans to boost their spending capacity.
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