August 1 2014 Latest news:
Wednesday, March 26, 2014
South East Cambridgeshire MP Sir Jim has welcomed measures in Chancellor George Osborne’s budget which are aimed at boosting the income of pensioners and savers.
The budget announcement followed news of more strong employment figures for South East Cambs. The number of unemployed claimants in the constituency in February was 874, representing a rate of 1.4 per cent.
This compares to a national average of 7.2 per cent and the figures is 467 claimants lower than in February 2013 and 33 lower than in January 2014.
The Chancellor announced on Wednesday that the annual limit on ISAs will increase to £15,000 a year, the 10p rate on savings income will be abolished and there will be a new pensioner bond in January 2015.
It was also announced that, from April 2015, all remaining tax restrictions on how to access defined contribution pension pots will be removed.
No one will have to buy an annuity, there will be no 55 per cent tax rate if you try and take more than your tax-free lump sum, and there will be a new guarantee that everyone who retires on defined contribution schemes will be offered free advice.
The Chancellor also cut tax on beer by 1p per pint, froze spirit and most cider duties, and ended the wine duty escalator.
Sir Jim said: “Savers and pensioners have had a difficult time in recent years. I therefore welcome these measures which will give them more help, especially pensioners who will now have greater flexibility in respect of their savings.
“With the excellent news about growth, employment and reducing the deficit, this extra help where it is needed shows that the Government’s policies are delivering results.”