One in sixteen better off from recession

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One in sixteen Brits are better off because of the recession, according to new research by Yorkshire Bank.

In the north-east, more than one in five (21%) are financially stronger compared with before the recession.

Lower interest rates have put more money into the pockets of mortgage payers, while decreased VAT has generated extra bargains on the high street.

Many mortgage holders are using their extra cash to boost savings or pay off debt.

“The economic downturn has had a negative impact for many people but we have found that there are others who have positively benefited,” said Gary Lumby, head of retail banking at Yorkshire Bank.

“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.”

Earlier research by Yorkshire bank found the north west has been the region hardest hit by recession.

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