Treasury written question – answered at on 13 May 2022.
Matthew Offord
Conservative, Hendon
To ask the Chancellor of the exchequer, what estimate he has made of the average amount of savings held by each household in the UK.
Matthew Offord
Conservative, Hendon
To ask the Chancellor of the exchequer, what estimate he has made of average household savings of each house in the UK broken down by ethnic group.
Matthew Offord
Conservative, Hendon
To ask the Chancellor of the exchequer, what estimate has been made of the average amount of household savings in the UK by age group.
John Glen
Minister of State (Treasury) (City), The Economic Secretary to the Treasury
Latest official Office for National Statistics (ONS) data shows total household currency and deposits (a measure of household savings) were around £2 trillion in 2021 Q4. Furthermore, in their Spring 2022 forecast, the OBR estimated that households, on aggregate, accumulated around £230 billion in additional savings between the start of 2020 and Q3 2021.
The ONS does not produce official statistics on average savings per household.
The ONS does not publish statistics on average household savings or wealth broken down by ethnic group.
Yes1 person thinks so
No3 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
