UK Money News
28th January 2008
Savings outlook 'uncertain'
The outlook for savings and investments this year is "uncertain", according to the Investment Management Association (IMA).
With the credit crunch biting hard in the final months of 2007, it is likely that investors will continue re-examining their portfolios over the coming months.
ISAs, the government's tax-free savings accounts, saw sales fall year-on-year in December.
The £17 million invested in ISAs that month was down on the £106.6 million in December 2006.
Overall though, investment activity was strong until the last two months of 2007, when the credit crunch began to take hold.
"The first ten months of 2007 saw a continuation of the strong performance of the previous year," said Richard Saunders, chief executive of the IMA.
"In November and December however, as the impact of the credit crunch began to be felt, investors significantly re-evaluated their portfolios and the industry experienced its first overall retail outflows in 15 years.
"The year as a whole was satisfactory for the industry, but the prospect is clearly more uncertain going in to 2008," he added.
The effects of the credit crunch are still being felt, with the Bank of England expected to cut interest rates soon in a bid to get the British economy moving again.
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