Farron welcomes boost to encourage savings in Cumbria

South Lakes MP Tim Farron has welcomed the news that radical changes to savings have come into affect.

Since the 1st of July, millions of savers across the country have been able to save three times as much money in their ISAs. As part of the New ISA the cash limit has gone up from £5,760 in 2013-14, to £15,000 in 2014-15.

Nationally, 24 million people have an ISA.

The overall New ISA limit is £15,000 - and this full amount can be held in either a cash ISA, a stocks and shares ISA, or any combination of the two. The New ISA will give savers complete flexibility over how to save and invest - allowing the transfer of savings previously held in a stocks and shares ISA to a cash ISA without losing the tax-advantage.

At the same time, the annual subscription limits for Child Trust Funds (CTFs) and Junior ISAs will be increased to £4,000 to let families save more for their children in a tax-advantaged way.

Tim said: "I welcome the introduction of these changes which will support savers in Cumbria - whether that's saving for a home, saving for your family or saving for retirement. I hope that this package of measures will allow people to put aside money in savings to have greater financial security."