Households Save A Record Amount Of Money Last Month

Britons spent a little more, paid back a little less and tucked away a lot more last month, CrystalHolidays with savings increasing a record £25.6billion, figures from the Bank of England show.

It means households have stashed away a collective £56.6billion between March and May during the height of the coronavirus pandemic, the data reveals.

It comes as the furlough scheme, working from home and closure of vast swathes of the economy has turned many into accidental savers.








Households paid back £4.6bn more than they borrowed in May. Although still among record low levels, this is something of a rebound from April, when the figure was £7.4bn


Borrowing on credit cards and loans did increase slightly in May as VE Day, bank holidays and record sunshine helped consumer spending bounce back a little, but households still repaid £4.6billion more than they borrowed.

Meanwhile consumer borrowing figures suggested spending bounced back slightly last month, with new gross borrowing inching up from £11.8billion in April to £13.6billion in May, although this is still way down on the £25.5billion that was borrowed each month on average between August 2019 and February 2020.






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