Jill Mackay, Head of Marketing at Scottish Friendly comments on the announcement of a 2% National Insurance cut
“While the 2% National Insurance cut might be good news for workers, it's not helping those above the state pension age or savers or investors that fall into certain tax brackets.
“A cut to income tax would have had a bigger impact on those households overall but it seems that would be difficult to fund without swingeing cuts to public services. Those services are already under pressure and that makes it a tougher sell to the UK electorate, especially in an election year. Therefore, the Chancellor has opted for the cheaper option of the two.
“In that context, it's a further blow to savers to see the Chancellor chose to omit ISA or JISA reform from his budget. Saving and investing is increasingly important for people that are trying to martial their stretched resources through the current economic turbulence."
Contacts for more information
Kevin Brown, PR & Communication, Scottish Friendly
07512194336
Editors notes:
Remember that the value of investments can go down as well as up and you could get back less than you paid in.
Past performance is no guide to future results.
Tax treatment depends on individual circumstances which can change in the future.
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides investors and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
In recent years Scottish Friendly has significantly restructured its business. The Group has flourished through a three-part growth strategy of organic growth, mergers and acquisitions, and business process outsourcing.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.