National Savings & Investment (NS&I), the government-backed agency designed to promote personal savings within a 100 per cent guaranteed environment, has recorded record investment levels of £73.4 billion.
Revealing its annual results today, NS&I said it had invested seven per cent more than during last year.
It also improved its sales by seven per cent thanks to a high profile advertising campaign featuring Sir Alan Sugar, the development of its internet and telephone sales channels and the introduction of a second £1 million premium bonds jackpot in 2005.
"We've had a remarkable year at NS&I, with significant developments for customers, many making it easier for them to save and invest with us," commented Trevor Bayley, NS&I’s acting chief executive.
"The combined efforts of NS&I, Siemens and the Post Office have helped make this a successful year, and we aim to build on this success in the coming years by continually improving products and services for customers, making NS&I an even better place to work, galvanising our existing partnerships and developing quality relationships with new partners."
NS&I transferred its service delivery arm, including 4,000 staff, to Siemens Business Services in April 1999 during the establishment of one of the first Public Private Partnerships. Although it took over the Post Office Savings Bank in 1969, it continues to sell its products through the Post Office and collaborates closely with the older institution.
In addition to providing the public with a secure source for saving, NS&I's remit to provide the Exchequer with a source of funding saw it relieve the taxpayer of £267.51m, saving additional government borrowing.