KPMG comments on BoE money and credit data - March 2022

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.”

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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.

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