Households have saved a fifth of weekly income during lockdown, ONS finds

However, it noted that younger households, renters and those living in London spend a lot proportionally on essentials and relatively little on goods and services that have been unavailable under lockdown, the analysis found. This could limit their ability to cut back if their income shrunk. Londoners spend an average of 31.5 per cent of their income on rent each month, for example.

To help households under increased financial pressure, some companies – including mortgage providers and gas, electricity and water suppliers – have offered payment holidays on regular bills.

The ONS estimates that nearly two-fifths (39 per cent) of household spending on essentials could be subject to a payment holiday, equivalent to £173 per week.

Lockdown has also seen nearly one in four Brits furloughed through the government's scheme, which means they are paid at 80 per cent of their regular pay.

Additional reporting by PA.