Chancellor John Healey has confirmed plans to create a new “starter ISA” aimed at rewarding first-time investors, as part of the Autumn Budget.
Budget announcement details
Speaking during the Budget statement, Healey said he will work with the sector to develop the new ISA product. The initiative is designed to encourage individuals who have not previously invested to start saving through an ISA.
The announcement forms part of a wider set of financial measures unveiled in the Budget, which also included energy bill support payments of £100 for households and a tax change intended to boost UK high streets.
Reaction and next steps
The exact terms of the starter ISA, including contribution limits and eligibility criteria, have not yet been disclosed. Further details are expected as the government consults with the financial sector on the design of the product.
The new ISA is intended to reward first-time investors, with implementation to follow after the consultation process.
