Weekly Market Commentary - 7 July 2023

UK savers withdrew cash savings at a record rate in May. In total, a net £4.6bn was withdrawn from bank deposits. This is a big change from April when savers paid in net £3.7bn. Although consumer confidence has risen, it remains negative and consumer spending has fallen behind inflation. Data from the Bank of England shows unsecured borrowing fell in May. Rising rates have pushed up the cost of mortgage borrowing and the average rate for five-year fixed term mortgages passed 6% this week.

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