Best viewed on a device with a bigger screen...
Households have not saved sufficiently less in Q2 to offset the hit to spending from the huge real income drop.
The high level of ad-hoc mortgage and unsecured debt repayments shows households remain cautious.
Households usually slash their saving rate when total financial wealth is growing quickly; it is barely rising now.
This publication is only available to UK Economic Research (Monitor) subscribers
Pantheon Macroeconomics produce daily publications for U.S., Eurozone, Latin America, UK and Asia, as well as analysis on key data within a few minutes of their release.
consumer credit, credit, credit data, deposits, energy, July, May, money and credit data, mortgage, mortgage debt, net increase, pension, q2, recession, savings, technical recession, Pantheon Macro, Pantheon Macroeconomics, independent macro research, independent research, ian shepherdson, economic intelligence