Cash withdrawals in the run-up to Christmas are up on last year. This points to strong consumer spending despite current economic uncertainty.
Data from the LINK network of cash machines has shown average daily cash withdrawals in the first ten days of December are up by 7.1% on November figures, compared to a rise of around 5% in the previous four years.
More than £3.2billion of cash has been withdrawn from more than 64,000 LINK cash machines so far this December - an increase of £140 million on the same period in 2006.
The figures suggest that last week's quarter point cut in interest rates boosted consumer confidence and encouraged mortgage holders to spend more freely.
The value of cash withdrawn is generally an accurate indicator of retail spending, so the figures point to a good Christmas for retailers despite current economic uncertainty in the housing and credit markets.
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