YORK residents are among the biggest financial beneficiaries of lockdown, with people living in the most affluent parts of the city most likely to have boosted their savings during the pandemic.

Research shows that residents in 79 per cent of neighbourhoods in the city are likely to have saved money during the pandemic.

It means residents in York’s wealthiest areas are the second biggest savers in the UK - with only Exeter likely to have seen more residents boost their savings, according to thinktank Centre for Cities.

People living in poorer areas are more likely to have been pushed into debt during the pandemic, according to the report, as they try to meet the cost of essentials because of job losses, furlough and a lack of savings.

But residents in wealthier cities have seen their savings rise as the pandemic saw them cut down on luxuries and non-essential spending.

Nationally, for every £1 that people from less affluent areas saved, people in richer areas saved £12.

Centre for Cities has urged Government to create a debt relief scheme for people who have covid-related debts, keep the £20 Universal Credit uplift and keep the Job Retention Scheme going for industries that still cannot operate at full capacity, such as airlines and the travel sector.

They say that without support, the north south divide will worsen as the majority of people facing debt live in the north.

Centre for Cities’ chief executive, Andrew Carter, said: “The pandemic has left this country more divided than ever. While people in mostly prosperous southern cities and towns have accumulated £150 billion of savings, many less affluent people in the North and Midlands will face an avalanche of debt as Government support ends later this year.

“The Government is withdrawing financial support far too quickly for people in places that have been hit hard by the pandemic. Not only will this set its levelling up agenda back significantly, it also risks levelling down many previously affluent parts of southern England such as Crawley.”