UK households bolstered their savings pots in the second quarter according to new data that suggests consumer caution amid an uncertain economic outlook.
The proportion of disposable income that households saved rose by 0.2 percentage points to 10.7 per cent in the three months to June, the Office for National Statistics said on Tuesday. The household savings ratio is well above the 5.6 per cent average in the three years before the pandemic.
The ONS said the rise in disposable incomes was largely driven by increased wages and reductions in taxes on income and wealth.
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