Record savings outflow as cost of living crisis bites household finances
The latest data from Moneyfacts showed that rate at 6.37% on Thursday and the five-year rate averaging almost 6%.
Those figures are likely to go into decline when June's data becomes available - also reflecting the Bank of England's policy action of a 0.5 percentage point interest rate hike to 5%.Scale of rate hike is shock therapy for UK's inflation problem It hopes that by stifling consumer spending and demand for credit, the pace of wage and price growth will slow and prevent inflation becoming engrained.
Commenting on the bank's latest data, interactive investor's senior personal finance expert Myron Jobson said:"As household budgets buckle under the weight of stubborn inflation, the once untouched savings accounts are now facing a storm.
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