Individual Savings Accounts

Treasury written question – answered on 10th June 2021.

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Photo of Bell Ribeiro-Addy Bell Ribeiro-Addy Labour, Streatham

To ask the Chancellor of the Exchequer, if he will make an assessments of the potential merits of increasing the Lifetime ISA threshold for people living in London.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Lifetime ISA aims to provide the opportunity for first-time buyers to enter the market and offers a generous government bonus of 25% on up to £4,000 of savings each year to support that aim.

The Government believes that the 25% bonus must be focused on those that need it most in order to ensure sustainable public finances. The Government continues to consider a property price cap of £450,000 appropriate to support the majority of first-time buyers across the UK. Nonetheless, the Government keeps all aspects of savings policy under review.

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