UK Money News
14th April 2008
Uptake for Isas hits record levels
Deposits in the government's much trumpeted independent savings account (Isas) scheme have hit record levels, it has been revealed.
Figures for the first three quarters of the 2007/2008 tax year show that 1.4 million mini Isas were opened this year - the highest figure ever recorded and over seven per cent higher than the figure at the same time last year.
A new record has been note among subscriptions to cash Isas, with nine million Britons opting for the accounts for the security they give at a time when the markets are characterised by volatility.
Tony Vine-Lott, director general of operator Tax Incentivised Savings Association, said: "In the first three quarters of the 2007-2008 tax year, roughly 11 million people invested £25.7 billion in Isas despite considerable uncertainty in financial markets and some rather mixed commentary in media.
"These numbers are the most powerful evidence possible to demonstrate consumers' affinity for Isas and their viability into the future - which the government has made clear is without question."
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