Chancellor Jeremy Hunt has announced a new British ISA to encourage investment in UK companies
Later this year, households with £5,000 in savings will be able to invest in a new type of ISA. The Government has confirmed the introduction of a new British ISA to encourage investment in UK companies and boost the City.
Money saving expert Martin Lewis responded on Twitter/X, saying: "It will probably happen later this year and there'll be a £5,000 extra if you're investing in British assets," reports Stoke on Trent Live.The British ISA will apply to people who max out their £20,000 tax-free allowance on an ISA, a savings vehicle that offers people tax-free interest payments.
Dan Moczulski, who manages the trading platform eToro in the UK, said: "Anything that encourages British investment and helps revitalise the UK equity markets is a good thing, especially in the current economic slowdown."
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