Standard Life 'solid' despite savers' caution

Finance director David Nish said: "People have the money but they are holding off making long-term choices in terms of where to put it, preferring to keep it in cash for the time being."

He described the life and pensions group's first quarter as "solid", with UK sales up 6% and worldwide sales up 8%. The British consumers' caution was reflected in a 43% rise in investment and savings sales but a 2% decline in pensions business.