JEFF PRESTRIDGE: You would have thought Covid savings splurge would be good news for building societies – but it has overwhelmed some
Many households are awash with cash squirrelled away during lockdown. There is £180billion of Covid savings currently sloshing around in bank and building society accounts, earning the square root of nothing.
With lockdown restrictions extended into next month, this figure could grow as people continue to save rather than spend.
Indeed, if the Government gives employees the long-term right to part-work from home – destroying town and city centres in the process – I imagine personal savings for those opting for home-working will surge even more. Fair? I’m not so sure.
Money in the bank: Many households are awash with cash squirrelled away during lockdown
You would have thought this savings splurge would be good news for building societies which rely upon a vibrant savings base to offer mortgages to…
