The total wealth of the UK has more than doubled since the Labour party assumed power, savings customers may be interested to learn.
According to financing figures from financial services provider Abbey, Britons had financial assets worth £2.2 trillion and non-financial alternatives worth £1.5 trillion in 1997 as the government changed.
However, by 2007 the savings landscape has undergone a sizeable upheaval with people now possessing £3.8 million in financial assets and £4.4 trillion in non-financial options.
Another legacy of the Tony Blair premiership is steadier inflation, meaning that the true value of people's savings has not fluctuated as much as in the early 90s.
"The establishment of an independent monetary policy committee to set monetary policy subject to an inflation target has been a major factor in delivering sustained low inflation over the period," said Barry Naisbitt, chief economist at the financial services provider.
The Bank of England was given sole responsibility for setting interest rates in 1997, shortly after the Labour party came to power.
At 5.25 per cent, interest rates currently stand at their highest level for six years.
Assets double under Labour, savings customers learn
Assets double under Labour, savings customers learn
Fri, 04 May 2007
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