UK consumers added £27 billion more to savings at end of 2021

UK consumers added £27 billion more to savings at end of 2021

Bloomberg: UK households added a further 27 billion pounds ($35 billion) to their bank accounts in the fourth quarter, suggesting they have yet to begin dipping into the huge savings pile built up during the pandemic.

Excess saving, the amount deposited over and above levels seen in the equivalent period before the pandemic, now totals more than 190 billion pounds, official figures published show.

Britons spent more of their income at the end of last year to maintain living standards in the face of soaring prices. But there are no signs they are drawing on their cash reserves, which were accumulated when lockdowns limited opportunities to spend.