We Brits have become enthusiastic borrowers in recent years. Indeed, our personal debt (including mortgages) has grown by 9% a year over the last thirteen years. Alas, we haven’t done quite so well when it comes to saving. According to the Bank of England, since the end of 1997, our savings have increased by an average of 7.5% a year.
At the end of June 2006, UK residents had over £580 billion on deposit, which averages out at £23,200 for each of the UK’s 25 million households. However, as is the case with so many averages, this one flatters to deceive. In reality, the vast majority of this cash mountain is owned by a few million wealthy individuals, with the rest of us sharing the crumbs from their plates!…