In today’s Spring Budget, the UK chancellor Jeremy Hunt unveiled plans to launch a British ISA, or BRISA, to combat stagnant stock market returns and “encourage more people to invest in UK assets”.
Hunt said the new individual savings account, with an allowance of £5,000, will be introduced after a consultation on its implementation. He did not reveal the cost of launching this product to savers but confirmed that the allowance would be in addition to the £20,000 that can be subscribed into an ISA.
The UK ISA, as the chancellor called it, will be a new tax-free product to invest in UK-focused assets to support savers and open up UK retail investment opportunities for individuals.
The Treasury’s “red book” states: “Following the ambitious Edinburgh and Mansion House reforms, the government will go further to improve the competitiveness of the UK’s capital markets and unlock more private capital for the UK’s growth…
