24 April 2009
An increase in ISA limits will be good for the country's savers, claims one expert.
Danny Cox, head of financial practitioners at Hargreaves Lansdown, believes the move is significant as limits have not been changed significantly since 1999.
"The only complication is that you can only do the £10,000 contribution this year if you are over 50, which makes it slightly difficult to administer, but we welcome these changes," he says.
He hopes that ISAs at the increased limit will be here to stay and suspects the Chancellor's announcement will be a permanent move.
As the ISA season hits the country, research from uSwitch.com reveals that 4.3 million consumers are planning to withdraw their cash ISA savings.
Over half of these people have made this decision based purely on falling interest rates, it reveals.
Those who do want to make the most of their tax-free allowance can find their new account using the price comparison website.