Brits Cut Their Spending and Borrowings – BBA

The recent ONS data on UK savings ratio was supported by the findings of the British Bankers Association released on October, 25.

The latest figures revealed by the British Bankers Association suggest that Brits paid off more money than they borrowed in September.

As such, borrowers paid off 7.1 billion, while they only put 6.8 billion on the credit cards.

In the opinion of experts, such a trend demonstrates the fear of the coming economic recession and the desire of Brits of cut their borrowings by all means.

The British Bankers Association, just as the Office for National Statistics, noticed that the amount of money that Brits put on their savings accounts increased by 2.5 billion.

Commenting on the findings, David Dooks of the BBA, said that "households are limiting their borrowing in the face of unemployment concerns and pressure on household finances amid general economic uncertainty."

The detailed report is available on the official website of the BBA.