IA comments on Spring Budget 2024

Commenting on today’s Budget announcement, Chris Cummings, CEO of the Investment Association said:   

On pension reforms 

“We strongly support the Government's objectives to improve the quality of DC pensions and to boost the flow of capital to British businesses, whether publicly listed or privately owned. Both have a common theme: putting investment back at the heart of the agenda. Risk capital is the lifeblood of economic growth, and attracting a new wave of both domestic and international investors will help reinvigorate the UK investment environment and provide investment to innovative, high-growth companies. The investment management industry plays a pivotal role in this process, directing capital to businesses and projects that need it, and distributing the fruits of growth to millions of individual savers and investors. We therefore look forward to working with government to take forward its proposals and build on the Edinburgh and Mansion House reforms." 

On the UK ISA   

“The proposed UK ISA has great potential to drive new capital flows to UK companies, including small and mid-cap companies. As funds are the largest proportion of investments held by retail consumers in the UK, it is important that they are included within the new tax wrapper. We also encourage the Government to include the Long-Term Asset Fund (LTAF) to enable savers to invest in a broader range of assets, such as UK infrastructure projects. We are pleased that the Government plans to consult on the proposal to ensure its successful delivery.” 

For further information, please contact:

Helen Ayres, Head of Communications: [email protected]

T: +44 (0)20 7269 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 £8.8 trillion of assets and the investment management industry supports 126,400 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.