Economics
U.K. Squeeze Hits Workers as Savings Rate Falls to Record Low
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U.K. consumers’ savings rate fell to the lowest on record as they eat into more of their pay to cover shopping, rent and mortgages.
The measure -- the difference between income and expenditure -- slipped to 1.2 percent in July, UK Finance said on Friday. That’s the lowest since the banking group’s data started more than a decade ago and is also a huge shift from just two years ago, when the rate was at 5 percent.