The UK experienced a surge in inflation, resulting in an unprecedented outflow of deposits from financial institutions. Notably, individuals appeared to be utilizing their accumulated savings from the pandemic to sustain their standard of living amidst a decreasing cost of living. The Bank of England reports that withdrawals from banks and building societies reached an all-time high of £4.6 billion in May, marking the highest level since monthly records began in 1997, as stated by the Financial Times.
