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Budget receives mixed reception

The announcement in the Budget giving the green light to the single £140pw state pension has been welcomed by Ian Naismith, Scottish Widows’ pensions expert.

Naismith described the measure as a wortwhile simplification that would bring clarity to expectations and help people work out how much they needed to save.

Naismith also welcomed the move to increase the state pension age automatically, as life expectancy changes.

Scottish Widows’ savings expert Iain McGowan said that the increase in the personal allowance was very welcome and would prove a real boost for struggling families.

Nationwide, however, express dismay that there was no increase in the cash ISA limit.

The building society had wanted the limit doubled from £5,640 to £11,280, which is presently the equity ISA limit.

Nationwide Chief Executive Graham Beale said that the Chancellor had missed a real opportunity to help savers and first time buyers.

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