By contrast, the National Institute of Economic and Social Research foresaw in July that the saving ratio would rise to 6.1% this year and 8.9% in 2010, resulting in a further fall in consumer spending next year, of 1.1%.

ECONOMIST: The return of thrift

OECD, a steep, lasting fall in stockmarkets could inflict a real dent on consumer spending.

ECONOMIST: Equity markets: That sinking feeling | The