Charlie Bean of Office for Budget Responsibility says savings of higher earners more likely to be spent over several years
The prospects for a consumer spending boom after lockdown have been downplayed by a senior Treasury official, amid warnings that wealthier families have saved more than low-paid workers during the pandemic.
Charlie Bean, a former Bank of England deputy governor who sits on the government’s budget responsibility committee, said it would take several years for households to spend £180bn in extra savings accumulated mainly by retirees and higher-paid workers during the crisis.
