Millions of people gave friends and family a cheque for Christmas. Many cheque gifts were given out this year during the holiday season. Cheques have been given as gifts by over 7 million Britons this Christmas, according to research by Which? Half of the UK population has written a cheque in the last month, which equates to about 24 million people - just under 40 million people have written a cheque in the last year. The survey found that one in five people had sent a cheque as a gift to a friend or relative and one in eight paid for school costs, like meals and trips, by cheque. Two fifths of Britons used a cheque to pay a supplier or tradesman.

Government borrowing has hit an all time high. Borrowing surged this November indicating that the Treasury may have to reign in UK finances. Public sector net borrowing hit the highest level since records began totalling a massive £23.3 billion in November. The figures revealed by the Office for National Statistics show that net borrowing was £6 billion higher than the same period last year, contrary to the predictions made by experts that a small improvement would surface. Andrew Goodwin, senior economic advisor to the Ernst & Young ITEM Club said: "These figures really are a bolt from the blue. The November figures pretty much wipe out all of the 2010/11 reduction in borrowing in one fell swoop".

Savings have dropped as people cope with lower incomes. British savings have fallen in the last quarter during a "challenging" financial year. The level of cash set aside by British savers has dropped again marking the lowest level for five years, according to research from National Savings & Trust. The survey found that the average Briton saves just 6.69% of their monthly income, which equates to £82.92 - at the same time last year people were saving almost £6 more. However, this could be the result of savers setting themselves more realistic targets in light of a decline in income and the government's implementation of cost-cutting austerity measures. The average monthly take-home income of a British worker has dropped from £1,252 in the summer 2010 to £1,239.10 this autumn.

Government says introducing new "no frills" products for UK consumers could encourage saving in 2011. Banks and insurance companies are being urged to encourage a "basic" range of saving products for UK consumers following a government consultation paper. The government has called for banks and insurance companies to introduce a new "basic" range of products and accounts for UK savers. The Treasury believes introducing a new range of "no frills" products which consumers can understand could encourage more saving in 2011. They believe there are currently too many products on the market for consumers to fully comprehend.