UK hit by 'savings crisis'

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UK hit by 'savings crisis'

A price comparison website has claimed that the UK is in the grip of a savings crisis, following the publication of a poll about savings accounts.

The survey, commissioned by moneysupermarket.com, revealed that more than one-third of people in the UK have less stashed away in savings accounts than they did two years ago.

Furthermore, nearly one-quarter of people claimed they had no savings two years ago and said the situation has not improved since then.

Kevin Mountford, head of banking at moneysupermarket.com, said: "A quarter of people have no money at all put aside, which shows just how serious rising unemployment will become over the coming year."

The latest figures from the Office for National Statistics reveal that unemployment in the UK is rising faster than it ever has since records began.

Currently, more than two million people in the country are out of work.

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