Commenting on the Autumn Budget, Dr Matthew Connell, Policy and Public Affairs Director for the Personal Finance Society, said:
“The Budget and economic forecasts have shown that, while the worst of the pandemic may be over, Covid has caused economic turbulence that will last for years to come.
“The forecast spike in inflation to 4% has shown how much recent events have disrupted economic planning, and the level of risk and uncertainty that exists for savers whose retirement pots sit exclusively in cash accounts. But the Chancellor has also said that he is looking to cut some taxes in future, especially in areas that encourage investment in sustainable economic growth, which will create opportunities for those willing to take appropriate investment risks.
“The budget underlines the importance of savers ensuring that they seek out professional financial advice in the years ahead. In a radically different economic environment to anything we have experienced in recent decades, it is essential that people understand the risks and opportunities that they face, and the incentives that the government is creating for investment and growth.”