UK households saving more and borrowing less, figures suggest

Total savings rose by almost 5bn in September, official data shows, amid fall in mortgage approvals

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.

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 bank accounts in September.