Britons' savings double in seven years

The bank expects the trend to continue as 39% of people plan to increase their savings balances over the next five years. It says personal cash savings could grow to around £1trn if current growth continues. Alliance & Leicester expects savers to keep more than a third of their cash savings in tax efficient accounts such as ISAs in five years, compared to about 25% today. Merlin Stone, a professor at Bristol Business School, says: “It seems that the pressure has fallen on pension contributions. Evidence suggests that people in their prime years are saving more cash with a view to fund...