UK’s richest 20% reduce spending by £23bn during lockdown

Analysis suggests wealthiest Britons have used period to increase savings and pay debts

The richest 20% of Britons will have reduced their spending by around £23bn by the middle of June, according to analysis by the New Policy Institute that shows the coronavirus pandemic has allow the better off an unprecedented opportunity to increase savings and pay down debts.

After three months of lockdown, reductions in the amount households spend on entertainment, sport, hair and beauty, eating and drinking and transport, those in the bottom fifth of the income scale will have reduced their spending by just £3.5bn.

Continue reading… Source: The Guardian: UK’s richest 20% reduce spending by £23bn during lockdown ———