Money News
14th August 2008
Rattled savers flocked to NS&I accounts
Savers flocked to savings accounts and bonds from NS&I (National Savings and Investments) during the last financial year, it has been revealed.
New figures for the government backed savings and investments firm show that in the year to March 31 its sales hit £15.5 billion.
This was some 9.9 per cent up from last year and was the company's strongest ever annual sales performance.
The rise has been attributed to unexpectedly high levels of interest resulting from investors' flight to safety from the crunch-hit equity markets.
Jane Platt, NS&I's chief executive, said: "The past year has seen us take in £15.5bn in sales and reinvestments, and save UK taxpayers £375m by reducing the cost of government borrowing. It has been an exceptional year.
"We've coped well with unexpectedly high levels of demand while maintaining a strong customer focus in a time of turbulence in the markets and change within the organisation."
She added: "Our new five-year strategy, 'NS&I adding value', has been launched successfully and we've made significant progress in simplifying, modernising and diversifying the business in a sustainable way."
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