20 May 2010
Figures from HM Revenue & Customs (HMRC) show employee
contributions fell to £5.3 billion in 2008/09, from
£6.3 billion the year before as the recession took hold. This
is only the second time contributions have fallen since records
began in 1990, the last time being the dotcom crash in 2001, where
savings fell by £40m.
Experts reckon that one of the reasons for this slump in savings
is uncertainty over the future which makes people hang on to their
spare cash.
