Investment Association responds to the Autumn Statement

Savings

"The Investment Association believes promoting a healthy savings culture should be at the heart of government policy, particularly in light of the ongoing pension changes that mean people are increasingly responsible for providing for their own later life. 

"But after having taken centre stage in the last few fiscal events, savings policy this time took a back seat, with the government continuing to consider its next steps on pensions taxation and freezing ISA limits in 2016/17. 

"Therefore, we now look towards the Chancellor's Budget 2016 announcement, in which he is expected to announce the results of the government's consultation on pension tax relief. 

"The Investment Association responded to the consultation calling for the government to create a pensions system that gives people the confidence to save for their futures, including a pledge to leave pensions policy unchanged for the long-term." 

Productivity

"As the Chancellor has said, the UK remains the fastest-growing major advanced economy, and the government's Productivity Plan is designed to support further growth. We welcome the government's call today for all stakeholders, including shareholders and company boards, to engage in its Productivity Plan to help build a more sustainable economy.

"The Investment Association is continuing its work to develop an Action Plan on how asset managers can support long-term investment and improve productivity, and a steering group of its member firms continue to meet regularly to take the plans forward."

Growth 

"It's time to see savings and the productivity and growth agenda as part of the same process. Funding the economy by helping people to realise a solid return on their savings is a core part of what the asset management industry does.

"Too often, investment is seen as an abstract process removed from daily life. We welcome the opportunity to fund housebuilding, support the Northern Powerhouse and help realise other key projects."

Business

"The sting in the tail for business may yet be the apprenticeships levy, which is set at 0.5% of employment costs. In 2017-18, Treasury estimates suggest could amount to the equivalent of 6.3% of the total corporation tax bill in 2014/15."