Make it a Budget for building

If the ‘leaks’ to the media over recent days are to be believed, Chancellor Philip Hammond’s Budget today could see more cash being delivered for housing to help address the nation’s housing crisis, particularly for young people. It has been widely reported that the Chancellor will announce plans to build 300,000 houses a year.

If this turns out to be the case, I think it will be a positive development and one that is long overdue.

I’d like to see a Budget that addresses two key issues for the future financial wellbeing of the country: a more productive economy and a more promising financial future for young people. For the former I’d like to see the government increase incentives for industry to invest in innovation and to step up its commitment to increase the supply of affordable housing to allow young people in particular to gain a foothold in the housing ladder.

What’s also designed to help young people get onto the housing ladder is the Lifetime ISA.

We want the Chancellor to bolster the Lifetime ISA so more of the nation can really start saving or investing and you can read more via our Lifetime ISA report.

These changes really could make it a Budget for building not just houses, but savings and investments too.

Remember the value of investments in a stocks and shares Lifetime ISA can go down as well as up, and you could get back less than you’ve paid in.

Tax treatment depends on individual circumstances. Tax law may change in the future.

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly. No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting Advisers may charge for providing such advice and should confirm any cost beforehand.