It has been suggested that the scandal over the mis-selling of payment protection insurance (PPI), with average payouts of £2,750, are giving people’s cashflows a much needed shot in the arm.

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I read with interest this week how Greggs, the UK’s largest bakery chain, has reported a drop in profits in the first half, and was blaming wet weather for a fall in like-for-like sales.  The company’s pre-tax profit for the six months to the end of June was £16.5m, down from the £17.3m posted a year earlier. Revenue was up almost 5% at £350m.  They warned of “challenging” trading for the rest of the year.

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