West Bromwich Building Society chief executive Andrew Messenger called today's Budget a kick in the teeth to millions of hard pressed savers and borrowers.
He said the 20 per cent rate of tax on savings, deducted at source, serves only to punish and discourage those who save. He says; “We want to see this tax abolished now. This would be an important first step to encourage the 13 million Britons the Government already says aren't saving enough.”
He believes failure to address this issue is creating a savings timebomb.