How are consumers responding to the squeeze?

Borrowing is rising. But so too is financial distress.

Last week I set out the reasons for worrying about a renewed British downturn. The case for concern is pretty straightforward: on the OBR’s numbers, private consumption is expected to generate about 90% of economic growth this year whilst real household disposable incomes endure their steepest fall since the 1950s.  To which one can add that consumer co…