UK Savings Ratio Hits Record Low

The pressure on consumers from the soaring cost of living was laid bare Friday as Britain published its most complete picture of the economy in the first three months of the year.

Britons saved a smaller proportion of their incomes than at any time on record and household incomes adjusted for inflation fell for a third straight quarter, the longest stretch in 40 years, the Office for National Statistics said.

Gross domestic product as a whole grew an unrevised 0.2 percent, the weakest in a year. Consumer spending, which kept the economy going in the aftermath of the Brexit vote, grew at half of the pace of the previous quarter. The pound fell.

Bloomberg

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