ONS data on Tuesday showed the UK household saving rate fell to 8.9% of
disposable income in Q1 from 9.6% in the prior quarter, as households stepped up
spending ahead of the Middle East conflict. The ONS said the drop was mainly
driven by higher housing, utilities and restaurants & hotel outlays. The ONS
confirmed Q1 output growth accelerated, with output up 0.6% (unrevised), while
real household disposable income per capita declined 0.8% in Q1.