UK Savings Rate Falls to 8.9% in Q1 as Household Spending on Housing, Utilities Rises

According to the UK Office for National Statistics, the country's household savings rate declined to 8.9% in the first quarter from 9.6% in the previous quarter, as consumers increased spending on housing, utilities, dining, and hotels. The office confirmed that the UK economy accelerated in Q1, with output growth of 0.6% on an unrevised basis. Real household disposable income per capita fell 0.8% in the same period.
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