Brake on borrowing

From the archive, first published Wednesday 28th Sep 2005.

Britons are now saving record levels of cash and putting the brakes on their borrowing.

New figures show that people borrowed just 27p for every £1 they saved during the three months to the end of June, according to IFA Promotion.

The group said the so-called borrowing brake was now at its lowest level since it first started collecting the statistics in 2001.

It is also well down on the level recorded during the same period of 2004 when people borrowed 69p for every £1 they saved.

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