For younger savers, grappling with trying to get on the property ladder and put away money for retirement, the Budget 2016 was right on the money (Pension Advice Bristol)

The Lifetime ISA, or LISE, may sound like yet another industry acronym, but its intentions are fairly noble, if not ground-breaking.

Sure, the maximum age of 40 could do with a tweak, but this product could be the start of something revolutionary.

A pension product, without the word pension in the title. Think about it. This could be the masterstroke that lures otherwise reluctant savers to start planning for their future, and even consider other financial products instead.

This could be the nudge people need, being able to save for their first home and get paid a bonus to think of a life beyond their 20s or 30s.

There are some other issues that need to be addressed, such as the withdrawal of the 25 per cent bonus payment and the 5 per cent exit fee if savers access their money is paid back into the accountant.

It could be win-win all round.

Mr Osborne’s decision to extend residential stamp duty reforms to investors with large residential property portfolios should also be welcomed.

After all when would-be first time buyers on salaries of double the national average are struggling to find housing why should there be sweeteners for speculative investment in what is essentially one of the most basic human needs, a roof over one’s head.

(FTAdviser, March 2016)

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