Commenting on today's Autumn Budget, Chris Cummings, Chief Executive of the Investment Association said:
“We share the Chancellor’s vision to grow the UK economy and “Invest, invest, invest”. Long-term investment is truly the engine of growth, and our industry already channels £1.4 trillion into the UK economy.
“Long-term investment also needs clarity of approach and policy certainty. The proposed modern industrial strategy and corporate tax roadmap are a welcome starting point to attract greater capital. We look forward to working with the Government, alongside the National Wealth Fund, to channel investment into innovation and growth-driving sectors. But this is the beginning of the journey and more will be needed to build domestic and international confidence to drive strong UK capital markets and reinvigorate economic growth in partnership.
“Fostering a culture of inclusive investment is also important to improve people’s financial resilience, yet today’s Budget was a missed opportunity to implement measures which could see more people reap the benefits of investing, such as ISA reforms.
“We will study other aspects of the Budget, such as the intention to levy inheritance tax on unused pension fund, to ensure this doesn’t bring adverse outcomes at a time when people need to be doing more to secure their standard of living in retirement.”
For further information, please contact:
Helen Ayres, Head of Communications: helen.ayres@theia.org
T: +44 (0)20 7269 4620
Ellen Hodgetts, Communications Manager: ellen.hodgetts@theia.org
T: +44 7548841289
Ismail Abdi, Communications Executive: Ismail.abdi@theia.org
T: +44 7596 872575
IA Press Office: press@theia.org
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £9.1 trillion of assets and the investment management industry supports 126,400 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.