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Downturn's silver lining for one in 20
RESEARCH from Yorkshire Bank has revealed that one in 20 people in Yorkshire has benefited from the economic downturn.
However, the numbers for the UK are significantly higher with 1 in every 16.
The drop in interest rates combined with the lower rate of VAT and more bargains on the High Street have seen many people cut monthly outgoings.
The research showed that 21 per cent of those surveyed in the north east have benefited compared with just 2 per cent of those in the south west and East Anglia.
The regional breakdown of those who have benefited from the economic downturn is: North East 21 per cent, North West 5 per cent, South East 12 per cent, East Midlands 5 per cent, London 9 per cent, West Midlands 3 per cent, Wales 8 per cent, South West 2 per cent, Yorkshire 5 per cent and East Anglia 2 per cent.
Of those who have benefited 55 per cent are saving any additional money and a further 26 per cent putting more into their mortgage payments.
Gary Lumby, head of retail banking Yorkshire Bank, said: "The economic downturn has had a negative impact for many people but we have found that there other who have positively benefited.
"However it appears they are also taking a more cautious approach to their money with the majority either saving the additional money or putting it into their mortgage."
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Weather for Leeds
Wednesday 23 May 2012
Today
Sunny spells
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North east
Tomorrow
Cloudy
Temperature: 9 C to 21 C
Wind Speed: 10 mph
Wind direction: North east
