§ I expect consumers' expenditure to continue to be the main engine of growth next year. The real value of take-home pay is growing strongly.
The housing market recovery is now firmly established. I hope that negative equity can soon be consigned to the economic history books.
People are feeling the improvement in their family finances. Consumer confidence is at its highest levels for more than eight years.
I expect consumer spending to grow by 3 per cent. in 1996 as a whole. But it has been strengthening through the year. So I expect stronger growth to continue, with consumers' expenditure rising by more than 4 per cent. next year.