Customers pull £4.6bn from bank and building society accounts in May to pay bills and pay down debt
“However, there’s a real risk that millions of people are being forced to erode their savings to make ends meet,” she said.
Thomas Pugh, an economist at the consulting firm RSM UK, said the withdrawals could also suggest households “are finally confident enough to start spending some of the savings built up during the pandemic”. “We suspect [consumer lending] will decline further in the coming months as the growing drag from higherSarah Coles says emergency savings are drying up in the spending squeeze
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