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NS&I predicts savings downturn

Savings levels are likely to drop over the months to come, according to National Savings & Investments (NS&I).The government-backed accounts provider said that the proportion of income saved averaged 6.4 per cent over the summer and autumn.This is down on 2005's figure of 7.16 per cent - taken at a time when the economy was still booming.NS&I said that 47 per cent of people are still saving regularly, despite the financial downturn of recent months.However, 45 per cent said that they would look to save less over the next three months, with economic conditions forecast to worsen further.Dax Harkins, senior savings strategist from NS&I said: "It is encouraging that in these uncertain times the population has managed to keep steady the percentage of income it set aside earlier in the year. "It is now more important than ever both to take control of spending and to have an emergency fund set aside."

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