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Brits have no incentive to save

A recent report from the Office of National Statistics shows that people in the UK are starting to save less.According to the ONS study, the proportion of income saved by Brits fell from 5.3 per cent in the third quarter to 3.7 per cent in the last quarter of 2006. This represents the lowest ratio since the end of 2004. This investment trend is backed up by a review by the Investment Management Association (IMA), which released statistics showing that net ISA sales in February had decreased by 40 per cent since the same time last year.Jason Hollands, director of F&C Investments, commented to Firstrung: "The IMA data is very disappointing. It is vital the British public save up for retirement yet our own research shows that 70 per cent of people do not think the Government does enough to encourage them to save."The chancellor highlighted his commitment in the last Budget to encourage people to save more, yet his decision to raise the ISA allowance by just three per cent was disappointing. "Our research shows that more than 50 per cent of the British public think the ISA allowance should be raised to £10,000 and some 21 per cent that it should be doubled. The Budget was a missed opportunity."

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