UK households saving more and borrowing less, figures suggest

Households are saving more, limiting their credit card purchases and taking out fewer mortgages as they take a safety-first approach to Britain’s worsening economy.

by | 1 Nov, 2022

Adding to fears of recession and a period of falling house prices, figures from the Bank of England showed weaker demand for all forms of borrowing and consumers more than doubling the amount put into accounts in September.

Consumers tend to cut back on spending when times are hard and according to the latest Threadneedle Street money and credit data, the amount saved rose from £3.2bn in August to £8.1bn in September.
Read more at The Guardian

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