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 between...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
