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Savers increase their deposits amid Brexit uncertainty

By Vicky Shaw

Savers are shoring up more cash in accounts as they prepare for the impact of an uncertain economy on finances, banks have suggested in a report.

The British Bankers' Association (BBA) said personal deposits had been steadily increasing in recent months, with annual growth coming in at 4.8% during November.

In the first 11 months of the year, personal deposits grew by £32.4bn collectively, compared with a £19.8bn increase over the same period during the previous 12 months.

The rate of growth in people's borrowing on finance such as credit cards, overdrafts and personal loans, meanwhile, slowed down despite strong retail sales, according to the BBA.

Annual growth in consumer credit - which includes the above types of borrowing - fell back to around 6% in November following an annual rise of more than 7% in October.

The BBA said low interest rates were helping to support growth in credit.

The number of mortgage approvals was 9% lower in the month than a year earlier.

Some 40,659 loans were approved for house purchase in November, marking a fall of around 9% on the 44,463 mortgages approved for the same purpose in the same month of last year.

But the number of remortgage approvals was higher than a year ago, with 26,975 given the go-ahead during the month, compared with 23,666 in the same period last year.

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