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On the eve of what is sure to be Alistair Darling's most important political statement there is speculation and counter speculation about how he will address the situation of the UK economy next...
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Learn from the best on the latest financial business practices on MeetTheBoss.com
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Tuesday 29th July 2008
In a move which reflects the ever increasing need for capital it has been announced that building societies in the UK have recorded an increase of 63% in new savings deposits. The figure for the first six months stands at £6.3 billion, up substantially from the figure of £3.86 billion at the same time last year. So why are savers increasing their deposits?
As we touched on above, UK financial institutions have had to increase their savings rates in order to attract income flows to their savings accounts. This has allowed them to fund mortgages and loans using their own capital resources and charge extra, inline with the market situation. The increase in savings is not exclusive to the building societies with many UK banks also announcing an increase in deposits.
While an increase in savings was expected by those operating in the market, the increase of 63% year on year is far higher than many had forecast. Not only does it confirm that there is still money in the UK, and not everybody is struggling, but it also highlights the desperation of UK institutions to attract new savings after the money markets affectively dried up. |
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