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UK saving at ten year high


The amount of money people in the UK are saving has hit a ten year high, according to National Savings and Investments (NS&I).

People in the UK are now saving an average of £113.77 each month, which equals to 8.52% of the average income. Both these figures are the higher than any time in the past 10 years. The savings include money put aside into ISAs and other savings accounts, but does not include pension contributions people may be making.

In the 2014 Budget, Chancellor George Osborne announced the New ISA which was then launched in July. He also increased the ISA savings limit to £15,000, which was a £3,480 increase from the previous annual allowance. These changes may have contributed to the increase in spending habits, as well as the rush amongst those over 65 to buy the government's pensioner bonds, which offer attractive rates of interest.

The rise is surprising, considering interest rates are at their lowest level in years, which has reduced savings rates to the minuscule amount of 0.01% per year.
Julian Hynd, the retail director at NS&I said:
"The latest results are encouraging, but we hope more people will be putting aside money into their rainy day savings, so they feel ready to deal with an emergency should one arise."

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