Alex Kerr, a UK economist at the consultancy Capital Economics, said the rise in bank deposits could reflect people reorganising their finances in anticipation of tax changes in Reeves’s budget. However, the increase was much smaller than a £20.2bn rise in deposits in October 2024, before the chancellor’s first autumn budget. “That suggests nervousness about forthcoming tax rises didn’t put consumers off borrowing in November,” Kerr said. “Overall, today’s release adds to the evidence that speculation about tax rises ahead of November’s budget didn’t influence households’ spending decisions too much. This also suggests there isn’t much scope for a pickup in consumer spending in 2026.”