Industry welcomes Osborne's 'Budget for savers'

Industry figures have broadly praised George Osborne's 2014 Budget, pointing to the benefits created for savers.

Key measures in the Budget this year included an increase in the personal allowance to £10,500, a move to merge cash and stocks and shares ISAs under a new, single limit of £15,000, and increase in the 40% tax rate threshold. Economic forecasts include a revision by the Office for Budget Responsibility that UK economic growth will be 2.7% in 2014, while government borrowing will fall to £95bn in 2014-15. Initial reaction from the industry to these changes has been positive. Daniel Godfrey, chief executive of the Investment Management Association, said: "The new ISA will encourage s...