UK tops European savings league

UK people are Europe's biggest savers, according to new research.

Nearly a quarter of Europe's total savings were invested in the UK in 2001, business information service Datamonitor said.

It said UK social welfare rates forced households to save more for retirement. However, the share of Europe's savings concentrated in the UK has fallen during 2001.

Ireland and Spain are the fastest growing countries in the European retail savings market. Both Ireland and Spain have also enjoyed strong economic growth in the past five years.

At the other end of the scale, Italy and Germany saw their share of the savings market fall, reflecting economic slowdown and poor stock market performance.