60 second news summary: the Budget and week’s top stories
We all waited with bated breath for George Osborne to deliver his eighth Budget speech and while some changes were leaked prior to the announcement, such as the Help to Save scheme and increase to the National Minimum Wage for under 25s, he managed to surprise us after all.
The new Lifetime ISA – set to launch next April – allows young people to save for their first home as well as their retirement in a bid by the government to “put the next generation first”.
But with the Help to Buy ISA already available and with the new LISA scheme, we look at which is best for first-time buyers. Plus we question what’s best for your retirement – LISA or a pension?
Savers will soon have six ISA options so how we explore which one’s best for you, and if you’re a beginner to stocks and shares ISA, we also outline the four foundations to build your savings.
The Chancellor’s speech contained a number of changes including a fall in Capital Gains Tax, a rise in the personal allowance and of the higher rate tax threshold, so see our Budget digested for the 10 things you really need to know.
But as always the devil’s in the detail and so we list the 10 things Osborne didn’t announce in his Budget speech (they were in the accompanying documents) but which may affect you.
This week we also launched the YourMoney.com Awards 2016 to recognise achievement, innovation and quality in financial services so do submit your nominations.
In other news that made our headlines this week, UK weekly wages are on the up, though UK interest rates have been held at a record 0.5%. Coffee pods and leggings have now been added to the list of products used to measure consumer price inflation, while night club entry fees and CD Roms are out.