First-time Homebuyers

Part of Treasury – in the House of Commons on 19th April 2016.

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Photo of George Osborne George Osborne Chancellor of the Exchequer and First Secretary of State

The lifetime ISA will be a very popular and successful new saving product precisely because it does not require people to choose between saving for a home or saving for their retirement; they can do both. We are also now looking at ways for people to draw on their savings during their lifetime for particular emergencies, or for when they need bits of money, like they do in the United States with the 401(k) scheme. The lifetime ISA will be a radically new savings product, and it will do what we need to do in this country, which is build a savings culture.