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20 March 2006
Savings have risen as consumer confidence in the economy falls, according to building societies' figures.
Building societies reported net savings inflows of £868 million in February, compared to £409 million in February 2005.
Building society gross advances amounted to £3,183 million, compared to £2,790 the year before.
"The amount saved in building society accounts last month was the highest for any February since 1997," said Brian Morris, head of savings at the Building Societies Association, who reported the figures.
"Savings have been significantly stronger over the last few months, while high street spending has been restrained.
"There are indications that consumer confidence in the economy as a whole is falling and precautionary savings appear to be rising as a consequence."
Figures also showed that mortgage approvals in February were slightly lower than January's figures, although the market remained strong.
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