The Government has confirmed the introduction of a new British ISA to encourage investment in UK companies
Households with this amount of money in the bank might be able to put their money into a new kind of ISA. It comes after the government confirmed the introduction of a fresh British ISA.Chancellor Jeremy Hunt announced: "This will be on top of the existing ISA allowances and ensure that British savers can benefit from the growth of the most promising UK businesses as well as supporting them with the capital to help them expand.
He went on to say: "Saving and investing is increasingly important for people that are trying to martial their stretched resources through the current economic turbulence." On the other hand, Brian Byrnes, who leads personal finance at the money app Moneybox, remarked: "While the British ISA may stand to benefit British businesses in time, and we welcome any reform intended to encourage investing, it is unlikely the British ISA will deliver real benefit to the vast majority of retail investors."
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