UK business savings market grows £14bn in 2021 as savings remain key focus for SMEs
The UK business savings market grew to £387bn in December 2021, an increase of 3.9% compared to December 2020, indicating UK businesses continue their focus on building up financial buffers and preparing for future investment, according to analysis by Aldermore bank of data released by the Bank of England.
- Business Savings market up to £387bn in December 2021 from £372bn in December 2020:
- Easy Access market up £17bn year-on-year (+5.7%)
- Fixed rate market down £2bn year-on-year (-2.8%)
Ewan Edwards, director of savings at Aldermore, said: “Saving has become a key part of future business strategies for many SMEs the past two years. The memory of feeling caught out by the financial impact of multiple lockdowns will still be fresh so it appears for many business leaders there is focus on ensuring readiness and resilience are built up in case of any future economic uncertainty.
“The preference for easy access products suggests SMEs are looking for flexibility in light of continual uncertainty, allowing them to insulate in case of any rising costs but also to ready themselves for future investment opportunities.”