Tax breaks and better saving rates top of Budget wish-list


Bigger tax breaks and more favourable rates for savers are top of consumers' wish-lists for next week's Budget, a survey has found.

Credit report service Noddle found that a change to the tax-free personal allowance and better rates for savers were the most popular responses when people were asked what they would like to see unveiled in the Budget on Wednesday.

Cheaper petrol prices, more support for first-time buyers and more options for saving also featured highly on consumers' priority lists, the research found.

Seven in 10 (70%) people surveyed said they are feeling the pinch from rising living costs, with their outgoings noticeably higher than they were a year ago.

The Government has already unveiled plans to help savers, including the launch of the new Lifetime Isa from April to enable the under-40s to save for their first home or their retirement in one pot, with a Government bonus.

This is in addition to Help to Buy Isas, which also offer a Government bonus to help first-time buyers build a deposit more quickly.

In the Autumn Statement, Chancellor Philip Hammond unveiled a new market-leading three-year investment bond, which will be launched by NS&I (National Savings and Investments) this spring. 

The bond will allow savers to put away between £100 and £3,000 and it will be available to those aged 16 or over.

A white paper recently launched by the Government also aims to boost housebuilding across England.

Figures from the English Housing Survey showed this week that home ownership had fallen to its lowest level in 30 years. 

Home ownership eased down to 62.9% last year - the lowest proportion since 1985 and eight percentage points down on its peak of 70.9% in 2003. 

Nearly 800 people took part in Noddle's survey in February.