UK personal bank deposits growing at slowest rate since 2009
by Richard Partington from on (#338RF)
British consumers are dipping further into their savings amid a squeeze from rising prices and falling real wages, figures show
British consumers have been dipping further into their savings amid a squeeze from rising prices and falling real wages, figures show, as growth in personal bank deposits fell to the slowest annual rate since the height of the financial crisis.
Annual growth in personal deposits with high street banks fell to 2.2% in August, in the weakest month since May 2009, according to figures published by banking trade body UK Finance. There was also about 1bn withdrawn from cash Isa accounts, with tax changes allowing up to 1,000 of interest to be earned tax free.
Related: Oil hits 26-month high on supply fears - business live
Continue reading...