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UK government looking to assist savers in the budget

Gordon Brown has finally stepped forward with confirmation that those with significant savings in the UK will be catered for in the forthcoming budget. As UK base rates have fallen from 5% down to 2% (and likely to fall further this week) there has been a substantial movement towards assisting savers in the UK who have seen their income streams evaporate. Many accounts are already paying less than 1% interest and many attract no interest as rates are now so low. So what will the government do?

There are suggestions that the government will either increase various tax allowances for the over 65s (the largest sector of the population to be hit), reduce income tax for pensioners or raise the level of savings which can be transferred to individual savings account (ISAs). Whether this will be enough to plug the enormous gap which has arisen over the last few months very much remains to be seen. The situation of savers across the UK is becoming something of a political hot potato with a number of consumer groups furious at the way savers have been abandoned of late.

While talk is cheap many savers are looking to the government for serious assistance so that they can avert financial heartache.

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