Consumer growth

It was reported that consumer is spending less than before and the authorities blamed the rain and the increased of interest rates by the Bank of England as the cause of it. Well, it is natural, right?

I mean, now days people would think twice before spending. What consumers are thinking now is to shop around for the best bargain before buying taking into account the interest rates charged by the banks and building societies are way too high. It is the fourth time for the past one year that the BOE had increased the interest rate.

I do think that people are starting to save up money in the bank since it will cost more to spend, why not they deposit some money into the bank so that they can earn more interest? Good idea, right?