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4th May 2022 18:00U.K., Daily Monitor

Households must save less—or borrow more—to the tune of £9B in Q2, in order for real spending not to fall. 

That is possible, given that "excess savings" are £186B and consumer credit is £25B below its peak.

But people didn't draw on savings in March and still are reluctant to borrow, so GDP looks set to dip in Q2.

consumer credit covid-19 cpi cpi inflation credit credit data deposits house purchase interest rates July March money and credit data mortgage mortgage approvals mortgage rates mortgages pay packets q2 q3 real disposable incomes real incomes real spending savings unemployment unemployment rate

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Keywords for: Households are Showing Little Sign of Riding out the Real Income Shock

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