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Britain a nation of borrowers

6 Apr 2018

A decade of ultra-low interest rates has made Britain a nation of borrowers rather than savers, official figures showed last week. The Office for National Statistics said households became net borrowers in 2017 for the first time since records began in 1987 as spending exceeded incomes. Households spent £14.4billion more than they earned last year, the statistics agency said. Households also borrowed £4.6billion more than they saved. The report also showed saving levels fell to their lowest since at least 1963 as families failed to set money aside for the future.