Personal finance groups were treated to a share price boost this afternoon, after George Osborne unveiled “a saving revolution”.
Bristol-based IFA Hargreaves Lansdown led the pack, up 4.8 per cent at pixel time. St James' Place also jumped on the announcements, up 3.5 per cent. Rathbone Brothers's share price was up two per cent, while Aberdeen Asset Management climbed 1.5 per cent and Old Mutual's share price rose one per cent.
Prudential, Aviva, Just Retirement and Legal & General were also among the winners whose share price received a lift from today's Budget announcement.
Osborne today revealed a new personal savings allowance would be introduced, enabling people to save £1,000 tax-free.
He claimed it would effectively create “tax-free banking for the entire population”, in a bid to turn us from a nation of borrowers to a nation of savers.
The chancellor's big handout for savers though was the launch of Help to Buy Isas – which are already being dubbed Help to Buysas. The government will give first-time buyers £50 for every £200 they save towards a deposit, and will come into effect this autumn.
Savers who put away £12,000 could stand to make as much as £3,000