Chris Cummings, Chief Executive of the Investment Association, has shared his thoughts on the Autumn Budget, welcoming the focus on innovation, UK listings and retail investment.
“The Chancellor has once again reiterated the central role investment plays in delivering UK growth. While we recognise the tough fiscal choices, we strongly support her ambition to champion innovation and ensure the UK is the best place for businesses to scale-up and stay. The introduction of a three-year stamp duty relief scheme for firms listing in the UK is a positive step forward, and one which should be extended to all listed firms in due course.
“We also welcome the commitment from government to build on the foundations of the Leeds Reforms and boost the culture of retail investment in the UK. This is an aim we support: as the Chancellor announced today, working with government and industry, we will signpost people towards investment opportunities within the UK through new ‘Investing in Britain’ online hubs, supporting the growth of British businesses and infrastructure. To support this, the IA will also lead a pan-industry data project to provide a clearer picture of how consumers are investing to inform future policy making.
“Getting the balance right between cash and equities is essential to deliver better returns for savers. While the reduction in the cash ISA limit may prompt some to consider their options, it is important that savers are supported to make informed decisions. As part of the retail investment campaign, we will explain the benefits of investing to help people build their financial resilience. We will also work with government to ensure that the ISA changes, including the consultation to reform the Lifetime ISA, are delivered in a way which is straightforward for both business and consumers.”