The level of saving in Britain in the first quarter of this year was the lowest since records began in , according to figures published last week by the ONS.

Over those intervening 54 years the British, on average, have managed to save 9.2% of their income every year. However, last year taxes went up but people felt confident enough to keep on spending even with less money in their pocket.

As a result, in the first quarter, the savings ratio dropped to just 6.1%. The spending spree continued throughout last summer and by the final quarter of last year, savings had virtually halved again to 3.3%.

Then they halved again: in the first three months of this year it was an almost invisible 1.7%. It has been calculated that 16 million people in the UK have less than £100 to their name.

Read more: Anthony Hilton: How artificial intelligence can help us save | London Evening Standard

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Published by Mike Rawson

Mike Rawson has recently re-awoken a long-standing interest in robots and our automated future. He lives in London with a single android - a temperamental vacuum cleaner - but is looking forward to getting more cyborgs soon.

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Anthony Hilton: How artificial intelligence can help us save | London …

by Mike Rawson time to read: 1 min
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