Saving outstrips borrowing for first time in two decades

Cannon Moorcroft - Chartered Accountants, High Wycombe


	Home > > Saving outstrips borrowing for first time in two decades Saving outstrips borrowing for first time in two decades 25 June 2010 More people are setting money aside than those who are borrowing to spend, new figures have revealed. According to the Bank of England, UK households deposited £24 billion in savings accounts last year but only took out £20 billion in loans. This the first time that thrift has outpaced spending since 1988, when records began. The recession has had the effect of encouraging households to save and to pay down debts rather than spend amid concerns over possible hikes in interest rates and the threat of unemployment. The lack of available credit may also have been a factor in dampening the borrowing figures. The ascendance of saving has come despite the fact that most savings accounts are offering low interest rates. News - Savings 25 January 2012 2012 will see 18% retire in debt 24 January 2012 Importance of retirement planning highlighted by campaign 12 January 2012 Retirement incomes tumble 10 January 2012 Pension jargon puts savers off 9 January 2012 Savings account rates creep up Financial Crisis - Personal 6 February 2012 Record number of self-assessment tax returns were filed on time 3 February 2012 Government under fire over latest tax avoidance scheme 27 January 2012 HMRC extends self-assessment deadline 27 January 2012 Clegg: Income tax threshold should rise to £10,000 faster 23 January 2012 Parents could hold onto child benefit by paying more into pension Financial Crisis - Banks - Lending & Saving 3 February 2012 Policy maker accuses banks of failing businesses 15 December 2011 Business finance Taskforce launched 14 November 2011 Banks lend more to businesses, but less to SMEs 8 November 2011 Credit easing must be bold, as a third of small firms are refused credit 24 October 2011 Help medium-sized businesses to grow and the economy will follow Spotlight - Credit Crunch 18 January 2012 Record levels of self-employed through necessity 9 December 2011 Bank keeps interest rates at 0.5% while Eurozone plot thickens 6 December 2011 Credit crunch caused surge in business closures 1 December 2011 Banks urged to bolster finances 20 October 2011 Retailers pin hopes on Christmas as inflation buoys sales Financial Crisis - Savings - Pensions & Investments 25 January 2012 2012 will see 18% retire in debt 24 January 2012 Importance of retirement planning highlighted by campaign 12 January 2012 Retirement incomes tumble 10 January 2012 Pension jargon puts savers off 9 January 2012 Savings account rates creep up

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