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Home Banking Hargreaves Lansdown CEO: We need long term stability for the UK’s savers and investors

Hargreaves Lansdown CEO: We need long term stability for the UK’s savers and investors

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Dan Olley, CEO, Hargreaves Lansdown
  • Hargreaves Lansdown CEO welcomes income tax threshold rises and the Chancellor making no changes to tax-free cash limits.
  • However, disappointment for some savers and investors through capital gains and inheritance tax changes.
  • Calls for certainty, stability and simplicity into the future so retail investors can achieve their financial freedom.

Dan Olley, CEO, Hargreaves Lansdown:

“We recognise the difficult choices the government faced in today’s Budget and so it was clearly going to be mixed messages for the UK’s savers and investors.

Clearly, the Chancellor was listening when it comes to tax-free cash in pensions, and protecting those who have done the right thing, steadily investing in their retirement accounts to secure their financial future. Investing for later life is a long-term endeavour and so stability of policy is key if we want more people across the UK to benefit from the power of compounding to deliver a comfortable retirement.

It was also welcome that the potential consequences of dragging more people into higher income tax brackets through frozen thresholds was avoided. However, some of the other changes to inheritance tax and capital gains tax will be a disappointment for some.

We know from our own data on financial resilience that just one in five in the UK can expect a comfortable retirement, so as a nation we need to do everything possible to make it easy for people to save and invest.

Despite the gives and takes in today’s Budget, the most valuable investing tool we all have is time. The earlier you start, the greater benefit from compounding over time. Therefore, it’s vital that people don’t get distracted by today’s announcements or take this as a disincentive to continue to save and invest for the future.

With this Budget behind us, I hope that this now provides the certainty, simplicity and stability required to give the retail investors across the country the conditions they need to keep investing and achieve their financial freedom.”

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