The new ISAs and tax breaks announced during Budget 2015 have proven popular with the public, according to a survey by uSwitch.
The Chancellor’s most popular Budget 2015 policies were those that supported savers:
- 48% were happy with the new flexible ISA
- 1 in 3 agreed with the rise in the personal tax allowance to £10,800
- 42% were pleased with the introduction of the tax-free savings allowance
- 1 in 3 thought the new Help to Buy ISA was a good idea.
Although some announcements proved popular, 65% of people felt that the Budget proved the Chancellor does not understand ordinary members of the public.
Many respondents argued that their standard of living has not significantly improved despite the Chancellor claiming that ‘Britain is walking tall again’:
- 76% said their standard of living has not improved
- 1 in 3 reported a deterioration of their standard of living
- 51% have seen their household bills increase
- 57% do not trust the government to make the best decisions for their finances.
David Mann, money expert at uSwitch.com, said:
“There was some good news for savers who have suffered a raw deal throughout the recession with rock bottom interest rates. A rise in the minimum wage is encouraging and thanks to the increase in the tax-free personal allowance, the average earner will be £120 better off a year.
“However, Osborne’s claim that ‘the pound goes further these days’ has left many believing he doesn’t understand the financial fears of ordinary people.”