Savers to be targeted with offers to invest in shares under new plans

Savers with cash in low-interest accounts will be targeted with offers to invest their money in stocks and shares instead, under government plans.

From next year, banks will send savers details of possible investments and there will be an advertising campaign to raise awareness, the Treasury said.

In a series of proposals by Chancellor Rachel Reeves, a scheme that encourages the provision of low-deposit mortgages for first-time buyers will also be made permanent.

Reeves is delivering the Mansion House speech on Tuesday, as the government and chancellor aim to rebound from bruising blows on welfare and the winter fuel U-turn.

“We need to double down on our global strengths to put the UK ahead in the global race for financial businesses, creating good skilled jobs in every part of the country and helping savers’ money go further,” said Reeves, ahead of her Mansion House speech to…