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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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam