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Consumer spending tipped to rise

By Wesleyan

Households should have more to spend than at any point in the last 14 years in 2015, according to a financial expert.

Consumer spending will increase by over three per cent this year - the highest amount since 2001, according to Andrew Goodwin, senior UK economist at forecasters Oxford Economics.

He said households will discover this year that they have more money to spend, thanks to a range of factors, including rising wages, near zero inflation and falling oil prices.

The healthy level of growth in the economy and the historic-low interest rate will also play their part too, according to Mr Goodwin.

Businesses have reason for optimism too, according to Mr Goodwin, who described the outlook as "very positive".

He said investors who scaled back their operations during and after the recession were sitting on large piles of cash which they could plough into private enterprise.

Copyright Press Association 2015

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