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Nothing for savers in budget says RJ Temple

The Government has done nothing to encourage saving in its budget and through its tax increases will discourage people from saving according to national IFA RJ Temple.

The IFA says while high-net-worth individuals will benefit from the greater flexibility for VCTs and the reduction in CGT on business assets, there is nothing for the ordinary saver.

RJ Temple communications manager Liz Walkington says: “There has been a £27bn savings gap identified, but the Chancellor has not come up with any specific measures to encourage investment. Instead, we will have higher taxation from next year, from both freezing personal allowances and the extra 1 per cent on NI contributions, which is likely to reduce saving.”

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