KPMG comments on today’s Bank of England money and credit data

Karim Haji, UK head of financial services at KPMG, said:

Karim Haji, UK head of financial services at KPMG, said:

“There is ample evidence of a slowing economy, from the various GDP forecasts to this data showing that cautious consumers are saving more to build up a buffer ahead of anticipated tougher times. People are also redirecting more of their disposable income to work costs, like transport, and essentials, like food, and they appear to be being cautious when it comes to discretionary and big-ticket spend.

“There are also now a range of indicators laying bare the cooling of the previously buoyant housing market, including this fresh Bank of England data showing approvals for house purchases in October fell compared to September’s total. It’s not hugely surprising, being a combination of the higher rates attached to products on the market, which have made them less affordable for many, and caution among consumers about taking on large new financial commitments in such a gloomy environment.

“More than ever banks are needing to show that they are doing what they can to protect vulnerable customers in a cost-of-living crisis.”



Media contact:

For further information please contact:

KPMG Media Relations

Gerard Swinley

M: +44 7510 375540


KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 15,300 partners and staff. The UK firm recorded a revenue of £2.43 billion in the year ended 30 September 2021.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 145 countries and territories with more than 236,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

Connect with us

Save, Curate and Share

Save what resonates, curate a library of information, and share content with your network of contacts.