UK Saving Ratio Dips to 9.5% as Households Hit By Tax Hikes (2)

British consumers put away less in savings in the third quarter, as their incomes were squeezed by a £6 billion ($8 billion) rise in taxes.

The share of disposable incomes saved by households slipped to 9.5% in the three months through September from 10.2% in the second quarter, the Office for National Statistics said on Monday. It was the lowest saving rate for more than a year.

Real household disposable income per head declined 0.8%, a drop driven by increases in taxes on income and wealth. It means living standards haven’t grown since the end of last year.

The data ...