Ahead of what has been dubbed “one of the most closely watched [Budgets] in a generation”, Andrew Harding, the Chief Executive – Management Accounting at The Chartered Institute of Management Accountants (CIMA), commented on the difficult reality facing savers: “One paradox of the pandemic is that even as people have been losing jobs and businesses failing, some UK consumers have saved more money than usual due to home working and low spending.
“The Chancellor’s upcoming Spring Budget can help to unlock some of these savings to boost economic recovery by better supporting UK savers, expanding investment opportunities and encouraging everyone to save for the future.”
CIMA called on the Chancellor to:
- Help young savers by quadrupling the Lifetime ISA annual contribution limit to £16,000
- Increase the maximum government bonus to £4,000 per annum, paid as a 25 percent bonus on personal contributions made
- Separate the LISA contribution limit from the current ISA limit of £20,000
- Raise a coronavirus bond to help pay for the costs of the pandemic and create new investment opportunities for ordinary savers
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