Alliance and Leicester Savings comment on today's Budget announcement

Edited by the Insidemoneytalk editorial team Mar 22, 2007

Following the increase to ISA limits, set out in today's Budget announcement, Ewan Edwards, Head of Savings and Investments at Alliance and Leicester, comments:

"We welcome the Chancellor's decision to increase the annual Individual Savings Account investment limit from April 2008to £3,600 for cash ISAs.

We know from our own recent research that cash ISAs are popular with savers - 47% of those with savings have some of their money in a cash ISA.

So this increase, albeit a small one, is a step in the right direction.

"Our research also revealed that one in five feel that the current ISA system is too complicated for many people to understand.

The initiatives announced in the pre-Budget report - for example, removing the mini/maxi distinction and allowing Child Trust Funds to roll into ISAs - will go some way to making the ISA system more flexible and will be warmly welcomed by savers.".