Richer neighbourhoods in southern England saved £12 for every £1 saved by those in poorer areas
Britain’s contrasting economic fortunes during Covid are highlighted by a study that shows the £150bn of savings accrued over the pandemic are overwhelmingly concentrated in the affluent south of England, while large parts of the north and the Midlands faced an “avalanche” of personal debt.
Affluent people in richer southern England neighbourhoods were typically able to save £12 for every £1 saved by people in poorer neighbourhoods in mostly northern cities and towns, who spent proportionately more of their income on essentials such as food and energy, said the Centre for Cities thinktank.
