One of the few positives from the last year is that during lockdown, household savings balances have gone through the roof. Having been more or less flat for years, dipping only in periods of economic stress such as recessions, 2020 and 2021 saw them rise to levels previously unseen. Forced saving has bolstered many people’s bank accounts by an amount that is reckoned to be around £180bn.
Back in June 2020, the evidence was clear from the Bank of England’s monthly money and credit statistical releases that something remarkable had been underway ever since lockdown began at the end of March.
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10th May 2021