Budget savings measures welcomed

Measures aimed at boosting savings outlined in this year’s Budget have been welcomed.

Danny Cox, head of financial practitioners at Hargreaves Lansdown, said that the chancellor’s decision to raise Individual Savings Account (ISA) allowances is “good news” for the British public.

“This is a really good plan as ISA limits haven’t really changed since 1999,” he commented.

Alistair Darling revealed in his Budget speech that those aged over 50 will be able to deposit £10,200 in ISAs for the tax year 2009-10.

This measure will be extended to other groups from next year, the chancellor stated.

Mr Cox noted that the age restrictions will make the system “slightly” more difficult to implement, but added that the changes are still a welcome move.

He went on to say that although ISAs have been described as temporary products by the government in the past, he feels that the savings accounts will now “be here to stay”.

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