How long should I keep old bank/credit card statements?

[arwen]

I am trying to sort out my filing cabinet and want to shred a lot of paper but am not sure how far back I should keep statements for everything from the bank to water bills. I don't run a business so it's all just personal and household bills.I am worried though that if I ditch it all I will need it to prove some spurious claim against me from 1989. I am aware I am probably overly concerned!
What does everyone else do?

thought it was 3 yrs...don't quote me though!

I keep bank statements and general household stuff for 1 year but keep all payroll records, inland revenue type stuff (p60, p11d etc) for life as these records are your responsibility to keep and there are no other originals.

The man who owns the shop i live above keeps his documents for 7 years b4 shredding them.

6-7 years I think (in case the tax man queries your tax)

6 years - according to my accountant sister!

every 7 to 10 yrs

Thank you all for your swift replies although sadly it does mean I won't be shredding much!