Catherine Mann, a member of the Bank of England's Policy Committee (MPC), warned online that unemployment concerns and rising bills are prompting British households to establish "emergency funds" and that economic growth is constrained by savings rates that continue to be higher than pre-epidemic levels. Mann said on Tuesday that growth in certain industries such as hotels and retail has slowed "significantly" due to "cautious consumer behavior." "They are accumulating emergency funds, postponing vacations and postponing large purchases, while assessing their financial stability," she said in an interview. She added,"People's savings rates are higher than in the past, in part because they are worried about possible unemployment or rising costs of living."