Rising retail prices are thought to be behind the increasing trend for consumers to dip into their savings and carry on spending jack taylor/Getty ImagesConsumers withdrew money from their tax-free deposit accounts at the fastest rate on record in October, suggesting that they are dipping further into their savings to cope with rising prices. The amount held in cash Isa accounts fell by £1.5 billion, according to data from UK Finance. This marked the sixth consecutive month of declines and the sharpest monthly withdrawal since the figures were first recorded in 2006. Personal deposits at the main high street banks rose by 2 per cent in the year to October, the same rate as September and the joint-slowest since 2009, reported the industry body formed from the Council for Mortgage Lenders and the British Banking Association. The figures suggest that people are using more of their savings to maintain…

Source: The Times November 24, 2017 17:05 UTC