Brits ‘cutting Christmas budget’

Over a quarter of Britons are planning on cutting their Christmas spending by 50 per cent or more this year, new research has found.

Data collected by credit reference agency Callcredit has found that 27 per cent of the UK’s adult population are to slash their spending by half over the festive period, with 55 per cent expecting to spend less than they did in 2007.

Many may have made the decision as part of a debt management plan, the use of which could benefit those currently struggling financially.

Head of the firm Owen Roberts explained that spending less does not necessarily mean Brits cannot enjoy the festive season, adding: ” Despite the recession and recent financial turmoil, Christmas 2008 should still be as fun and enjoyable as possible.”

One area in which Christmas shoppers could save money is the cost of parking, as research from uSwitch.com has suggested £43.5 million will be spent on parking fees by those making just one trip to the shops.

By Tom Musk