UK savings rate declines as bills and spending on outings increase

```htmlGolden Ten Data reported on June 30 that, according to data released by the UK Office for National Statistics on Tuesday, in the first quarter of this year, as consumers increased spending ahead of the outbreak of war in the Middle East, UK households’ savings decreased. The savings rate (the proportion of disposable income not used for consumption) fell from 9.6% in the previous quarter to 8.9%. The Office for National Statistics pointed out that this decline was mainly attributed to increased spending on housing, utilities, and food & hotel services. The agency also confirmed that the UK economy experienced accelerated growth in the first quarter, with output rising by 0.6%, a figure that was not revised. Another set of data showed that, after inflation adjustment, per capita household disposable income fell by 0.8% in the first quarter.```