The Guardian reports:

The prospects of a bleak Christmas on the high street are rising sharply as a survey out today shows a big fall in consumer spending in spite of lower interest rates and petrol prices.

Downing Street’s hopes for a consumer-led recovery fired by a cut in VAT will also be further damaged by another report that shows hiring intentions by firms have collapsed, adding to fears that unemployment will rise. In the wake of the news of 2,000 job losses on Monday, 1,200 more jobs were under threat yesterday.

Repeat after me: Keynes was wrong.

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