Reeves is finally delivering her autumn budobtain, mostly confirming what the OBR leak has already revealed.
She has announced that £8,000 of the £20,000 tax-free ISA allowance must be invested in stocks and shares, capping the annual cash ISA allowance at £12,000, except for those who are over 65.
James Norton, head of retirement and investments at Vanguard Europe, stated: “Cash savings remain an important part of a sound financial plan. Research recommfinishs holding £2,000 along with three months’ worth of expenses in cash, to cover emergencies.
“Investing, however, gives you the best chance of achieving long-term financial goals, like retirement. Over the last ten years, had you invested £5,000 a year in a stocks & shares ISA, for example, your pot would now be worth £107,000 compared with £57,000 in a cash ISA.
“If you’re considering about obtainting started investing, it doesn’t have to be complicated. Work out what your goal is – retirement, a houtilize deposit – consider long-term and build the most of your tax wrappers. Whether you build your own portfolio, choose a ready-created fund, or utilize a Managed Service or adviser to do it for you – there are options to suit your necessarys and preferences.”
