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Britons saving at record levels

September 24, 2007 by admin  
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Savings among British consumers has reached record-breaking highs, new research indicates.

According to research by Unbiased, savings in the second quarter topped £47 billion, which has been attributed to an increasing number of people taking advantage of the recent rise in interest rates.

Commenting on the figures, David Elms, of Unbiased said: “It is extremely encouraging to see that savvy consumers are taking advantage of the recent rate hikes with previously unseen record levels of savings now taking place!

“Plus it’s even better that Britons appear to have tightened their belts and are approaching borrowing far more cautiously than in previous months.”

The research, which also analyses the rate of borrowing, claims that £4 billion was loaned during the quarter, almost £13 billion less for the same three months of 2006.

In addition the saving to borrowing ratio has also decreased for 32 pence borrowed against every pound saved to eight pence borrowed against every pound.

Tags: money, economics, GBP, pound, british consumers

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