UK Families Deposit Record £11.7bn in ISAs as Interest Rate Cut Looms

Bank of England data reveals unprecedented ISA savings in April, reflecting anticipation of lower interest rates and improved household financial health.

Households deposited £11.7bn into ISAs in April, the highest on record since 1999.
Overall household savings grew by £8.4bn, the largest increase since September 2022.
Mortgage approvals remained steady at 61,100, with a slight dip from March's figures.
Consumer credit borrowing decreased significantly, indicating cautious spending behavior.
Analysts predict a potential boost in consumer spending later in the year due to pent-up savings.