The recession is getting worse. In its latest economic forecast the CBI predicted six successive quarters of falling output in the UK, right through to the middle of 2010. During that period, unemployment is expected to top three million. In response, the government is doing everything it can to make us spend. VAT was cut by 2.5 percentage points back in November, and the government's loan guarantee scheme is designed to encourage banks to offer loans to businesses. It is also hoped that record low interest rates will persuade those repaying their mortgages to spend the extra cash.

The problem is that we're not paying any attention. Instead of spending, we're being cautious and, like the big financial institutions at the centre of the crisis, we're taking the opportunity to rebalance our budgets. It's hardly surprising, given the turbulence of the job market. We're just doing the responsible thing. Isn't spending wrong anyway?" The love of money," the apostle Paul reminds us, "is the root of all kinds of evil." In the present climate, government attempts to stimulate spending seem a little like an addict returning to the drug.

Of course, the obvious difficulty is that if no-one spends, the economy is doomed. It's neither right nor possible for us to spend our way out of recession. However, hoarding resources can be just as sinful. The love of money can lead to the bank as well as the shop. Ebenezer Scrooge was a saver. The question is: What does love of God and neighbour demand of us? 

Choosing to spend will be part of the answer. Spending responsibly will help lift the economy out of recession and jobless families out of despair. The current downturn also offers us the chance of a lifetime to create a different sort of economy. Instead of simply spending on ^`goods and services', we can start applying our spending power to those things that really are good and of service.

This article originally appeared in Christianity Magazine.