Commenting on the changes to savings announced in today’s budget which will allow savers to combine cash ISAs with stocks and shares ISAs, and that the annual tax-free limit will be raised to £15,000 and £4,000 for Junior-ISAs, Jafar Hassan, personal finance expert at Uswitch.com, says: “Today’s announcement is a real crowd-pleaser for savers ahead of next year’s election.
“However, while this is great news for the one in three Brits who plan to use their full ISA allowance this year, the government still needs to do more to help the 19% of consumers who say they can’t afford to save into an ISA. With average earnings standing at just £26,500 per annum, I would question the number of savers that can afford to save £15,000 per tax year. Plus, with interest rates at an all-time low, anyone who does save the full amount only stands to gain an extra £25 or so in tax free savings.
“However, it is good to see the inclusion of peer-to-peer lending in ISAs as this will also offer consumers more choice when it comes to how they save. With regulation coming into force on 1st April, this will open up this relatively new platform of lending to a wider audience of savers.”
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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