UK Money News
29th April 2008
Isa sales plunge to record low
Sales of Individual Savings Accounts (Isas) were at the lowest level ever during the period from March 1st to April 5th, new data shows.
Traditionally the accounts enjoy a late spike in sales during this period as investors rush to take advantage of the tax-free allowances the accounts offer.
However, this year just £532 million of the accounts were sold - nearly half the figure of £957 million recorded during the same period last year.
When Isas were first introduced in 2000 sales were £3.3 billion.
It is thought that the principal reason for the downturn is the impact of the credit crunch and volatility in the financial markets.
Ben Willis, head of research at Whitechurch Securities, said: "It's been pretty disastrous. There's plenty of negative sentiment out there, markets have been a bit panicky and people have just shied away."
Annual net sales of Isas were also down to £1.3 billion during the 2007/8 tax year, from a figure of £2.5 billion during the previous year.
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