Banks have been hoarding cash for a while rather than lending. Now companies are doing the same, rather than spending.

Companies in the UK and around the world are falling over themselves to announce cuts in their capital expenditure plans – how much they spend on property, factories and equipment. On Thursday alone, the UK retailer DSG, miner Anglo American and Colt Telecom all announced cuts to their spending. On a global level, the cuts have ranged from Sony to Stora Enso, the Finnish paper manufacturer.