IA comments on the Spring Budget
Commenting on the Spring Budget, Karen Northey, Director of Corporate Affairs, said:
“We support the Chancellor’s aim to ensure the UK is Europe’s most dynamic economy and share his commitment to drive forward innovation in the UK. It is crucial we create an environment that boosts our global competitiveness and enables the UK to become a technology superpower. The measures announced today, such as the new full capital expensing policy and the enhanced research and development credit, will do exactly this, while simultaneously creating the best possible place for companies to develop and grow. This will benefit the wider economy, as well as ensuring the UK remains a world-leading centre for investment management.
"We strongly welcome the abolishment of the lifetime allowance and the increase of the pensions annual allowance. This removes unnecessary complexity and creates a clear and unambiguous incentive for people to save for retirement and helps them achieve their long-term savings goals. It also has the potential to provide additional funds for investment in UK businesses and infrastructure through DC pension schemes.
“Ensuring the competitiveness of the UK regulatory regime is a key priority for the investment management industry, and we welcome the acknowledgment by the Chancellor of the importance of regulators' behaviours in promoting growth. We will work with the Government in supporting the review into how regulators can better support innovation. We also look forward to the further measures in Autumn Statement to unlock investment from DC pension schemes and re-energise the UK listings regime – both key aims for our industry.”
For further information, please contact:
Helen Ayres, Head of Communications: [email protected]
T: +44 (0)20 7296 4620
Arianna Schardt, Communications Executive: [email protected]
T: +44 (0)20 7269 4625
IA Press Office: [email protected]
About the Investment Association (IA):
The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £10 trillion of assets and the investment management industry supports 114,000 jobs across the UK.
Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
Our purpose is to ensure investment managers are in the best possible position to:
Build people’s resilience to financial adversity
Help people achieve their financial aspirations
Enable people to maintain a decent standard of living as they grow older
Contribute to economic growth through the efficient allocation of capital.
The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.