Britons use savings to pay off debt and meet living costs

Savings deposits are being dipped into by UK savers. The rising cost of living has forced people to use their savings. Savings fell by 14% over the last three months as Britons tried to cope with increased living costs and paying off debt, according to the ING Direct Consumer Savings Monitor. The report shows that savings have fallen by £279 with balances standing at just £1,771, which are the lowest figures since tracking began in January 2009. The drop is a result of rising prices and static incomes as well as the recent cuts to public spending. ING Direct CEO, Richard Doe, said: "These figures ...