15-07-2025
BOE's Mann Warns Unemployment Fears Are Keeping Saving Rate High
Bank of England rate-setter Catherine Mann warned that unemployment fears and rising bills are prompting UK households to build a 'rainy day fund' as the economy is held back by savings rates that remain much higher than before Covid.
Mann said on Tuesday that 'cautious consumer behavior' has led to 'significantly lower growth' in certain sectors such as hospitality and retail.
