The value of ISA savings in the UK has rocketed seven fold in the last eight years, from £28.6bn in 1999/00 to £207.8bn at the end of the tax year 2007/08, according to the Halifax.
The report found the number of ISA accounts invested in during the financial year 2007/08 was 14.7m, a 59% increase from the ISA’s first year of existence in 1999/00 where 9.3m were invested in. However, it also revealed cash accounted for 61% of the value of all ISA savings in 2007, compared to 44% in 2000, as investors reacted cautiously to turbulent markets. The cash component of total ISA funds saw a ten-fold increase in market value to £127.7bn, while the stocks and shares component saw a five-fold increase to £80.1bn. Based on data from HMRC and DWP covering the period betw...
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