Nationwide wants saving prioritised in the Budget

Money News

www.moneynews.co.uk > Banking > Nationwide wants saving prioritised in the Budget

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Nationwide wants saving prioritised in the Budget

With the 2008-09 Budget to be announced next week, Nationwide Building Society has called on chancellor Alistair Darling to do more to encourage people to save.

It commends the initiatives the government has already taken in this earlier, but wants it to take "practical steps" to ensure it meets its goals.

Nationwide has recommended that the chancellor should simplify the individual saving account (Isa) scheme and make it more flexible.

It has come up with a number of suggestions as to how to do this, including implementing a withdrawal buffer that allows savers to make withdrawals and replenish their Isa within the same tax year and linking Isa subscription limits to inflation.

The building society also believes that the government should do more to encourage people to save for their children's future, regardless of whether they qualify for the Child Trust Fund (CTF) scheme or not.

It says currently, parents who are not eligible for a CTF are "penalised through taxation", while of those that are, 60 per cent do not add any additional contributions.

Nationwide is therefore recommending that the government increases the tax exemption thresholds for interest earned on savings for children by parents and makes a further contribution of £250 to a CTF when a child reaches 11.

Graham Beale, Nationwide's chief executive, says: "Alistair Darling has an opportunity to introduce changes that can make a real difference to people's wealth in his first Budget as chancellor."

Earlier this week the society urged savers to use their yearly Isa allowance before time runs out on April 5th.
ADNFCR-323-ID-18500012-ADNFCR

Related News : Banking

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Nationwide

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet