UK Money News
24th July 2008
ABI calls for higher ISA limit
The government should provide incentives for savers to ensure that people put money aside in the current "choppy" conditions for the economy, it has been claimed.
According to the Association of British Insurers (ABI) saving money among Britons could be encouraged by raising the sum that can be held in an Individual Savings Account (ISA).
In particular, the ABI, which revealed its proposals in its new Safeguarding the future report, recommends that the limit should be hiked from its current level of £7,200 to £9,600 per year.
Other measures endorsed in the report included the provision of a basic financial education to the populace to outline clearly the benefits of saving.
News of the recommendations comes amid predictions that more and more Britons will be forced to dip into their savings this year as a result of higher living costs.
Household finances are currently being squeezed by a combination of increased housing, food and energy costs.
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