The ABI has responded to the Spring Budget 2024, delivered today by the Chancellor of the Exchequer.
We fully support the Chancellor’s focus on encouraging greater investment in the UK, economic growth and putting savers at the heart of decisions. The insurance and long-term savings industry has a crucial role to play in this and our Investment Delivery Forum is the driving force behind ensuring the £100 billion unleashed from Solvency UK can be invested in green and good projects. We’re delighted to be working with Government to finalise a framework for the Mansion House Compact, which aims to increase investment in unlisted equities by 2030.
Hannah Gurga
ABI Director General
We've long said that savers need to be at the heart of all pensions policy, and focusing the pension system on value rather than cost alone will be hugely beneficial for savers. Employers and savers need to be able to make informed pension choices, including understanding where they’re invested and being able to compare different schemes. By taking a consistent, joined-up and measured approach to value for money, the Government can help them do this and boost financial resilience in retirement.
We also welcome the Government’s approach in terms of exploring a lifetime provider model for Defined Contribution pension schemes in the long-term. As the Chancellor rightly said, more analysis is needed to understand the real-world impact of the proposals on savers, employers and pension providers. We look forward to working with the Government to ensure any new policy reforms deliver improved outcomes for savers.
Rob Yuille
ABI Head of Long-Term Savings
We support initiatives to encourage greater levels of retail investment, but complexity within the savings landscape must be managed carefully. We look forward to responding to the Government's consultation on the new UK ISA with this in mind.
Ongoing work to shift the advice guidance boundary will be crucial to ensure providers can guide their customers toward any new ISA wrapper or allowance. The future disclosure framework will help customers better understand the underlying investment products.
Daniel Gallon
ABI Head of Taxation
For more information please contact ABI Press Office.