Chancellor Philip Hammond’s spring budget on Wednesday 8 March was met with disdain by most people, however there was some light relief to it, according to Milestone Financial Planning.
Michael Heath, Director of Milestone, said: “It was a very safe budget and I am particularly relieved that there were no further announcements on pension changes.”
As part of the budget, the Chancellor did announce a new three-year NS&I “Investment Guaranteed Growth” bond which will pay 2.2% on up to £3,000. and will be available from April 2017.
Commenting on the new bond, Michael said: “The new NS&I 3-year Fixed Rate Bond paying 2.2% interest on £3,000 savings is not as competitive as it was made out to be in the Autumn Statement, but the increase of the ISA allowance to £20,000 on 6 April should help savers.
“However, with personal debt now standing at £1.5 trillion, will some people have the money to save? The NS&I Bond feels like the government is simply ticking a box for savers to appease them.”
You can read the full budget round table special here
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