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By David Scott | Monday 23 January 2017
The Bank of England is keeping a close watch on consumer spending amid signs households are dipping into their savings and amassing debts to keep spending in the face of rising inflation. Mark Carney, the Bank governor, said consumer spending had held up since last summer’s vote to leave the EU but he reiterated a warning that living costs were likely to rise on the back of a weak pound and squeeze households’ real incomes. In a speech setting out the trade-off the Bank faces between keeping inflation in check and supporting growth and jobs, Carney noted signs that consumers continued to power the UK economy. “At present, households appear to be entirely looking through Brexit-related uncertainties. The saving rate has fallen towards its pre-crisis lows, and consumer borrowing has accelerated notably,” Carney said in a speech to the London School of Economics last Monday.
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