Abandoned pets may seem an irrelevant sideshow to those who have never owned a dog, cat or other domestic animal, but every case is a minor tragedy that I believe provides a telling insight into the way the economic squeeze is hitting our everyday lives.

Rescue centres report a huge increase in owners coming to hand over pets. At the RSPCA’s biggest facility in Hampshire, employee Vanessa Eden said: “We have had people bringing in their pets because they can no longer afford to pay their energy bills, let alone vet bills or pet food.” Many more animals are just being left at the side of the road to fend for themselves.

This is one example of the reality behind the headlines about middle-class debt. The credit-card bills hurt, sweetheart mortgage deals are ending, banks aren’t lending and prices of a wide range of goods and services are surging.

Purchases are being postponed, such as new furniture, TVs, computers and microwaves. Clothing is being made to last a little longer, haircuts are being delayed. Restaurant meals are being shunned in favour of ready meals and dog food is being knocked off the weekly shopping list.

A survey by Birmingham Midshires shows that people are saving more and spending less, and this mood is trickling down to those who have been less careful with their finances.

The good news is that plenty of middle-class debtors are plugging themselves into the recovery system by visiting debt advisers, who help them come to terms with their folly and confess all to their lenders.

The bad news is that when the middle class starts reining in, the impact on the economy is swift and can be severe. While that might help to temper inflation, it will also put another damper on share prices, especially in consumer companies such as Marks & Spencer or DSG International, the Dixons, Currys and PC World group.

As I have pointed out, this is the time to retreat into the shares of ultra-reliable firms such as the supermarkets or food producers.

Associated British Foods could almost have been created with recession in mind: it makes bread and owns Primark, the chain that sells jaw-droppingly cheap clothes.

Some things never change, though. A report from Friends Provident timed to coincide with the Sex and the City film reckons that one in five single or divorced women wants a rich man to feed their bank balances.

All the same, ladies, a little financial independence wouldn’t hurt in these tricky times — just in case your nearest sugar daddy goes bust.

Clouds gathering

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