Increased taxes squeezed the savings rate of British households to below 10%, causing consumer spending to tighten and dragging down economic recovery.

Zhitong Finance APP learned that the UK National Statistics Office said on Monday that due to the squeeze effect of a 6 billion (approximately $8 billion) tax revenue increase on income, British consumers saw a decrease in savings in the third quarter. From July to September this year, the savings ratio in disposable income of households in the country decreased from 10.2% in the second quarter to 9.5%.