Retirement accounts can be a pretty mundane topic. But creating an environment where people can save for their retirement is incredibly important. Having endured punitive restrictions in the US, I can appreciate the increase in ISA limits. The tax free limit for the “New ISA” will be raised to £15,000 beginning July 1, 2014. In USD that is equivalent to almost $24,000. Not too shabby. On top of that, the UK government is being proactive by allowing new forms of Alt Finance to be held in these accounts. This means Peer-to-Peer loans may experience something of a boom. Good for investors and good for the economy.
The UK government is also determined to help British Businesses. They are accomplishing this goal by lowering corporate taxes and creating a more robust environment for job creation. They also just revised economic growth upward for 2015 to 2.3% and the economy will be £16 billion bigger than forecast just four months ago. Perhaps there is a lesson her.
HM Treasury has created some interesting graphics describing the some of the budget announcements – which are embedded below.