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Brown must back down on ISA limits

The Chancellor of the Exchequer is being urged to do more to encourage personal savings With the 2004 Budget just a week away.

ISIS Asset Management is calling on Gordon Brown to back down on his plans to reduce the annual Individual Savings Account allowance from £7,000 to £5,000 in the 2005/6 tax year.

ISIS Asset Management director head of communications strategy Jason Hollands says: “Over the last year the UK Household Savings Ratio has averaged around 5.5 per cent which places it at levels not seen since the late 60s and well below the long term average of 8 per cent.”

“We urge the Government to send a positive signal that ISAs, created by this Labour Government, continue to be a key element of their savings strategy.”

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