The Chancellor is aiming to unlock some of the £143billion worth of lockdown savings by Britons to fund the country s green recovery from the coronavirus pandemic, the Treasury has revealed.
Ordinary savers will be able to buy into green savings bonds offered through National Savings & investments later this year, according to an announcement released ahead of Wednesday s Budget.
More details will be revealed closer to the time of issuance, but funds raised will be earmarked for projects such as renewable energy and clean transportation that will help the UK build back greener and meet its target to cut greenhouse gas emissions to net zero by 2050 , the Treasury said.
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Rishi Sunak: Ready to help stoke a post-lockdown boom
The Government is expected to follow up its successful vaccine programme with a feel-good giveaway Budget to stimulate an economic recovery from the pandemic.
Chancellor Rishi Sunak is apparently prepared to help stoke a post-lockdown boom, and put off tax rises to pay the mammoth Covid-19 bill - at least for a while.
But we might find an open-handed Budget is followed by a more sober Tax Day , a newly-introduced date in the financial calendar scheduled for 23 March, when consultations on future tax raids could be revealed.
These might be trailed for implementation in a (hopefully) post-pandemic April 2022, giving the country plenty of time to think and argue over how the Treasury plans to replenish its coffers.
Isas turn 22 this year and the system has been widely panned as complicated
This comes after the introduction of multiple new Isas by George Osborne
The rules around paying into Isas also remain restrictive in some cases
The Chancellor has been urged to simplify the system and act on proposals put forward in 2018 to bring all Isas under one umbrella