We are introducing a new Lifetime ISA to help the next generation to save.
We know people like the simplicity of ISAs so we’re increasing the ISA limit from just over £15,000 to £20,000 for everyone. For those under 40, many of whom haven’t had such a good deal from pensions, we’re going to introduce a completely new Lifetime ISA.
With the Lifetime ISA, you won’t have to choose between saving for your first home, or saving for your retirement – the government is going to give you money to do both. For every £4 saved, the Government will give you £1. So put in £4,000 each year and the government will give you £1,000 every year until you’re 50.
The British economy is stronger because we confronted our country's problems and took the difficult decisions, but we now face a dangerous cocktail of global risks. Britain is well prepared to handle this challenge, but only by acting now so we don't pay later.