Martin Lewis issues message to anyone with £5,000 in their bank accounts

manchestereveningnews.co.uk:

Later this year, households with £5,000 in savings will be able to invest in a new type of ISA. The Government has confirmed the introduction of a new British ISA to encourage investment in UK companies and boost the City.

Chancellor Jeremy Hunt announced: "This will be on top of the existing ISA allowances and ensure that British savers can benefit from the growth of the most promising UK businesses as well as supporting them with the capital to help them expand." Money saving expert Martin Lewis responded on Twitter/X, saying: "It will probably happen later this year and there'll be a £5,000 extra if you're investing in British assets," reports Stoke on Trent Live. READ MORE: DWP payments worth £2,223 a year could be owed to 500,000 people The British ISA will apply to people who max out their £20,000 tax-free allowance on an ISA, a savings vehicle that offers people tax-free interest payments.

Kevin Brown, saving specialist at Scottish Friendly, said it was "encouraging" to see the ISA allowance extended "in the form of an extra £5,000 tax-free to invest exclusively into the UK." He said: "Saving and investing is increasingly important for people that are trying to martial their stretched resources through the current economic turbulence." Dan Moczulski, who manages the trading platform eToro in the UK, said: "Anything that encourages British investment and helps revitalise the UK equity markets is a good thing, especially in the current economic slowdown." At the same time, Brian Byrnes, who looks after personal finance at money app Moneybox, had this to say: "While the British ISA may stand to benefit British businesses in time, and we welcome any reform intended to encourage investing, it is unlikely the