Osborne has NISA surprise up his sleeve

LEADER

Another year, another Budget, and it was widely expected to contain few surprises in 2014.

Key points tend to be well flagged ahead of Budget day, and this year was no exception, as headline changes such as an increase in the personal allowance were leaked ahead of time. But the Chancellor had a surprise up his sleeve. His dramatic reforms of the ISA and annuities markets had a knock-on impact on share prices immediately after he delivered the Budget on Wednesday. A move to merge cash and stocks and shares ISAs together in to one vehicle, called a New Individual Savings Account (NISA), was welcomed by the financial services industry. As was the hike in the annual limit to £...