UK households withdrawing savings at fastest ever rate, official figures show

Bank of England data shows families drew on 4.6bn in May to help them cope with the cost of living crisis

UK households are pulling money out of their savings accounts at the fastest rate ever recorded, as they draw on rainy day funds to weather the cost of living storm.

Figures from the Bank of England show households withdrew a net 4.6bn from banks and building societies in May, the highest level of withdrawals since it started collecting the monthly data in October 1997.