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Weaker economy means stronger savings, says F&C

A weaker economy will mean stronger savings, according to Jason Hollands, the head of group communications for leading investment house F&C. Mr Hollands explained that although the economic situation and the environment for investments would most likely be far more challenging in 2008, this meant that because people were reining in their spending, they would be saving more instead. He said: "When people tighten their belts, and the economy goes through a period where people are perhaps a little bit less certain about their job, the future or even a bit less certain about whether they'll get the same Christmas bonus as last year, it does mean that they are becoming more conservative. "That has an impact…. because people are less willing to go out there and spend on the lavish goods that they have previously, but on the other hand it means that people rebuild their savings." He added: "You tend to find that in a period when the economy is less certain, that is when the savings ratio in the UK gets rebuilt."

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