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Updated 10:56 28/09/20

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Britons are hoarding cash at the highest rate since 2009

Samuel Gee, News Editor
4 Aug 2016, 9:49 a.m.

As the Bank of England prepares to cut what little remains of the UK base interest rate, Britons are hoarding cash at the highest rate since 2009. In a damning indictment of the banking system, an increasingly large amount of savers now view the underside of their mattress as a safer place for their money than the bank.

Since the end of May, the amount of cash outside the banking system has increased by £1.2bn and £5.9bn in the last year. Uncertainty about the future security of fiat currencies has created a nervous atmosphere with the UK seemingly sleepwalking into a recession.

Negative interest rates are supposedly one of the measures the BoE could take to encourage spending and avoid the seemingly inevitable. However, as increasing numbers prefer to hoard their cash it seems as though public appetite for spending is vanishing and an effective stimulus for the flagging economy is increasingly hard to find.

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