Nationwide Building Society has called on the chancellor, Gordon Brown, to focus on savings in his pre-budget report (PBR).
The society believes the Treasury should do more to give people, in particular young Britons, more incentives to save money.
Child trust funds and individual savings accounts (ISAs) are the two main areas that Nationwide would like Mr Brown to focus on.
A third of people benefit from tax-free incentives offered by ISAs and many use cash ISAs as their primary savings accounts, says Stuart Bernau, the executive director of Nationwide.
"ISAs have been a savings success story and we would like to see the current ISA become a permanent feature of the UK savings market," he adds.
He says it is time for the government to level the balance of tax breaks for saving "and restore the limits to their true value".
Government should also do more to encourage parents to invest child trust fund (CTF) vouchers and start saving money towards their children's financial futures.
"We also want to see the government give thought to equalising the tax treatment for older children, so that they too can build up a nest egg for the future," Mr Bernau adds.
The PBR speech will be delivered by Mr Brown on the afternoon of December 5th.
Focus on savings, chancellor urged
Financial Services > Savings > Savings and Investments News
Focus on savings, chancellor urged
Tue, 29 Nov 2005
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