Britons hoard cash as economic uncertainties prompt caution

London

BRITONS are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association.

Personal deposits grew an annual 4.8 per cent in November, data compiled by the BBA show. They increased by £32.4 billion (S$57.4 billion) in the first 11 months of the year, outstripping the £19.8 billion growth in the same period of 2015.