Nationwide 'disappointed' at the latest Budget

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Nationwide 'disappointed' at the latest Budget

Wed 12th Mar 2008

Nationwide has voiced its disappointment at the government's 2008-09 Budget, saying it did not go far enough in promoting savings.

Although the building society welcomed the increase to individual savings account (Isa) limits that were announced in 2007's Budget and will be enacted next month, it is critical of the fact that chancellor Alistair Darling did not go further this year.

Nationwide wanted to see Isas made more flexible, with equalised cash and equity subscription limits.

It had also called on the chancellor to introduce a withdrawal buffer, to allow savers to make withdrawals and replenish their Isa within the same year.

The society hoped this would particularly benefit people on lower incomes.

Nationwide is also dissatisfied with the chancellor's decision not to use the Budget to encourage people to save for their children, after the society had proposed changes to the way child trust funds are managed.

However, it did welcome Mr Darling's call for more lenders to introduce long-term fixed-rate mortgages - which is perhaps not surprising, as Nationwide is currently the only lender on the high street to offer 25-year fixed-rate mortgages.

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