Warchests dwindling?

[DimPrawn]

http://www.guardian.co.uk/business/2009/jul/29/building-societies-record-savings-withdrawal

The difficulties facing building societies were highlighted today with figures released showing they suffered the biggest monthly outflow of savings for 54 years in June — and warnings of continued withdrawals as unemployment forces savers to dip into their nest eggs.

The unprecedented £2.3bn withdrawn from the sector — the largest monthly fall since data was first collected in 1955 — could have implications for the mortgage market, where lending is increasingly being dominated by the banks.



Maybe it's all being spent buying up cheap houses?

 

[alreadypacked]

http://www.guardian.co.uk/business/2009/jul/29/building-societies-record-savings-withdrawal

The difficulties facing building societies were highlighted today with figures released showing they suffered the biggest monthly outflow of savings for 54 years in June — and warnings of continued withdrawals as unemployment forces savers to dip into their nest eggs.

The unprecedented £2.3bn withdrawn from the sector — the largest monthly fall since data was first collected in 1955 — could have implications for the mortgage market, where lending is increasingly being dominated by the banks.



Maybe it's all being spent buying up cheap houses?

Or getting out of Sterling

 

[thunderlizard]

A couple of years ago that would have been viewed as good news. Consumer spending! Continued confidence! Bonuses all round!