Sat, 27 Aug, 2016
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Nationwide calls for budget help for savers and first-time buyers

Building society Nationwide has called upon Chancellor Alistair Darling to help savers and first-time buyers in his budget this week.

Nationwide says that more needs to be done to attract people to use tax-free ISAs, as 70% of people are still overlooking them when they consider where to invest their money.

The building society suggests that increasing the tax-free limit from £7,200 to £8,735 per year, in order to offset inflation over the ten years since they were launched would help to make them more attractive. It also suggests that the cash ISA limit should be increased to match the stocks and shares ISA limit. Lastly, Nationwide suggests that Darling should allow savers to withdraw and replenish their tax-free amount each year.

In order to help first-time buyers, Nationwide has called for a review of the stamp duty policies. It says that the nil-rate threshold should be increased to £250,000, with a flat rate of just 1% applied above this price.

Nationwide’s Chief Executive, Graham Beale says, “we believe increasing the threshold to £250,000, and linking it to inflation going forward, will stimulate the housing market and help reduce the burden that stamp duty places on first time buyers in particular.”