ONS in £105bn savings blunder

THE Office for National Statistics has withdrawn crucial figures on how much the nation saves after a £105bn blunder. ONS figures showing savings in company pensions in 1999 were found to be £105bn too high. The error is equivalent to a quarter of all public spending, or 10% of national output.

Official figures last year revealed the total size of public and private pension funds as £784bn for 1999. Last week, the figure was put at £679bn. The ONS said: 'An error on our part is a matter of regret. We are seeking to publish a revised series.'