Commenting on The Budget delivered this afternoon by Chancellor, George Osborne MP, Adrian Coles, Director General of the BSA said:
"Although we are not surprised, given how well trailed the content of this budget has been, we are disappointed that there is precious little in it for ordinary savers and aspiring borrowers.
The Chancellor has failed to take an easy opportunity to help UK savers by allowing them to use their whole ISA allowance in a cash ISA. He hasn't helped those nearing retirement by permitting transfers of ISA money from stocks and shares to cash either.
It is also a shame that the focus on stamp duty has been at the top end of the market, ignoring the cost of this tax for first time buyers."
Hilary McVitty, Head of External Affairs
Tel: 0207 520 5926/07507 837 326
Notes to Editors:
1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of over £235 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
3. Photographs of Adrian Coles are available from the BSA press office, or from the Association's website at www.bsa.org.uk/mediacentre/contacts/spokespeople or Headlinemoney www.headlinemoney.co.uk