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The UK is set to spend the most on Christmas gifts this year compared to the rest of Europe, the USA and Australia.

The ING Special Report on Christmas and New Year, which surveyed more than 13,000 people about their Christmas spending, reveals that Brits are planning to part with €420 (£294) on average this festive season, placing them top of the ‘ING Christmas Spending League’. The next biggest spenders come from the USA (€360) and Luxembourg (€300), while Australia (€200) features halfway down the table alongside Germany, Spain and Italy (€200) (see full table below).

However, although UK shoppers may spend the most money, the study found that people in Romania actually part with the greatest portion of their pay. Those in the Eastern European nation plan to spend €110 on gifts, but this amounts to about 32 per cent of average monthly earnings after tax. The Czech Republic (25%) and the UK (15%) follow in terms of Christmas spending relative to net...

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