Which is why McKinseyargues that the UK is still at a very early stage in reducing debts sufficiently to allow a significant rebound in economic growth (as you will have read here many times, growth tends to remain insipid or worse, while businesses and households repay what they owe - either by choice or by order - because they invest and spend less).
No retailer can afford to delay its response to this downturn in the hope that sales might somehow recover, argues an article by Ashish Kotecha, Josh Leibowitz and Ian McKenzie in the McKinsey Quarterly, published by the consultancy of the same name.