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Britons are increasingly prioritising paying off their debts over building up their savings, new figures show.

With the Bank of England having cut interest rates several times over the past few months, more than half of those consumers polled for the new Nationwide Savings Index stated that they feel now it is a bad time to be putting money away for the future.

Indeed, the new report reveals that less than half of all Britons now save on a regular basis, with one in four saving nothing at all.

According to Nationwide, it is this desire to get back into the black that is behind the recent rise in household savings recorded by the Office for National Statistics (ONS).

Martin Gahbauer, senior economist at the lender, explained: "At present, the rise in household savings being picked up by the ONS is occurring via a reduction in borrowing, as households seek to accelerate their debt repayments in response to the uncertain economic environment."

This comes soon after the Bank of England revealed that growing numbers of homeowners are looking to take advantage of low interest rates to pay off their mortgages.

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