16th Mar 2016 13:48
LONDON (Alliance News) - Shares in retail asset gatherers Hargreaves Lansdown PLC and St James's Place PLC were rising on Wednesday after UK Chancellor of the Exchequer George Osborne set out new measures to boost saving for retirement and home ownership.
"From April 2017, anyone under the age of 40 will be able to open a lifetime individual savings account and save up to GBP4,000 each year," Osborne told lawmakers as he delivered his 2016 Budget. "For every GBP4.0 you save, the government will give you GBP1.0."
The money saved in the new lifetime ISA can be saved and used to provide income in retirement, or it can be withdrawn to help fund a first home purchase.
The total amount that can be saved into all ISAs will be increased to GBP20,000 from GBP15,240 as of April 2017.
"You don?t have to choose between saving for your first home, or saving for your retirement. With the new Lifetime ISA the government is giving you money to do both," Osborne told lawmakers.
Hargreaves Lansdown shares were up 2.5% at 1,324.00 pence on Wednesday, while St James's Place shares were up 2.9% at 926.50p.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
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Hargreaves LansdownSt James's Place