UK business savings market grows £23bn year on year in August
The UK Business Savings market increased month on month by £1.6bn in August to £378bn, a year on year expansion of £23bn, as UK businesses show renewed focus on building up financial buffers and preparing for future investment, according to analysis by Aldermore bank of data released today by the Bank of England.
- Business Savings market up to £378bn in August, growth of +£1.6bn (+0.4%)
- Easy Access market up +£1.3bn (+0.4%)
- Fixed rate market +£0.3bn (+0.3%)
The total business savings market has grown by £23bn over the past twelve months, with Easy Access growing by 104% whilst Fixed rate market declined slightly by 4%.
Ewan Edwards, director of savings at Aldermore, said: “We may not have seen a v-shaped recovery this year, but the methodical progress towards normality, buoyed by the successful UK vaccination rollout and the softening of social distancing restrictions over the summer, should provide optimism that we are moving in the right direction. The increase in business deposits suggests this period of transition is allowing many UK businesses to plan and build funds for their forward strategies insulating them from any sudden economic shocks and readying themselves for future investment.”