Personal Savings

Treasury written question – answered on 13th July 2020.

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Photo of Matthew Offord Matthew Offord Conservative, Hendon

To ask the Chancellor of the Exchequer, what estimate his Department has made of the average level of savings accumulated by households in the UK.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Office for National Statistics (ONS) publish data on the ratio of household saving to total available household resources. The latest data indicate that the household saving ratio was 8.6% in Q1 2020, compared to 6.6% in Q4 2019.

The Bank of England publish monthly data on changes in households’ deposits. Households’ deposits increased by £25 billion in May following large increases in March and April. This compares with an average monthly increase of £5 billion in the six months to February.

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