Budget 2015: The Investment Association’s response

“The measures announced by the Government today will make cash ISAs more flexible. Increasing the attractiveness of ISAs should foster a stronger savings culture in the UK, supporting the broader ISA brand.

“We also believe that long-term savings through pensions needs a fair and stable regime. While growing fiscal pressures on levels of tax relief - as well as wider concerns about its distribution - mean that reform is needed, the continuing erosion of tax relief undermines the pensions environment. A new and lasting settlement is needed to encourage consumer confidence in pensions as a long-term savings vehicle, based on effective use of tax incentives at a level that is affordable for the Exchequer.”