The Bank had raised interest rates to 3% in the month in question but the figures showed the actual rate paid on new mortgages rose to 3.35%.pressures on households could be seen as consumer credit more than doubled from £700m to £1.5bn driven by an additional £1.2bn of credit card borrowing, the highest amount since 2004.Households deposited an additional £5.7bn with banks and building societies over the month.
The continued saving and increased credit card borrowing showed"households are still refusing to draw on savings to support their consumption," according to economic research group Pantheon Macroeconomics. "Households continued to stockpile cash at a faster-than-normal rate in November in response to fears of rising unemployment, higher interest rates and the recent decline in the value of their total financial asset," the group said.
"The stock of households' savings now is £196bn above the level it would have reached, if they had continued to add to them at the 2018-to-19 average rate since January 2020."
The rich see other rich getting richer and they also want a piece of the pie sad that overall the last 12 months the rich said we want all our loses from covid from the last few years while making everyone else poorer
There is no cost of living crisis Theres an overspending epidemic. People have lost the idea of spending less and saving..give someone an extra £100 per week, and theyll find a way of spending £110. then plead its the government's fault...1990's 12-17% interest rates we survived
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