KPMG comments on today’s Bank of England money and credit data

Karim Haji, head of financial services at KPMG UK, said: “The question is how useful this February data is, with geopolitical events escalating and the cost-of-living crisis growing more acute through the month of March.

“As far as households go, the spring data is going to be very telling. A trend in the early part of the Covid-19 pandemic was an increase in household bank deposits but, with rapidly rising inflation, it seems unlikely we’ll see the same happen this year.

“Instead – sadly – the numbers we may see increase are defaults later in the year as people struggle to service personal loans and credit cards.”

 

-Ends-

 

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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