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Savings will slow the bounce back

Friday 26th March 2021

The Bank of England’s chief economist Andy Haldane famously said the UK economy will bounce back this year, like a coiled spring. There could be two reasons why he is wrong. First, vaccine nationalism continues, with the EU’s Ursula von der Leyen reiterating that Europe needs to play catch-up before exporting vaccines to the UK. Secondly, the expectation is that Britons will dip into their savings, which have increased during the lockdowns, to splash out once the shops reopen. But But finance expert Rachel Springall, from moneyfacts.co.uk, highlights some research that many of us have shifted behaviour and are much more likely to hang on to our savings. She joins Phil on the podcast this morning.

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