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Budget 'should have helped savers'

The Budget was a great opportunity for the government to get more people saving but the chancellor missed it, according to personal finance website Fool.co.uk.

Alistair Darling presented his first Budget to MPs earlier today, claiming that Britain was in good shape to weather the more difficult economic conditions ahead.

However, David Kuo of Fool.co.uk slammed Mr Darling for failing to do more to encourage saving.

"We are disappointed that Chancellor Darling has done nothing in today's Budget to encourage British households to ride out an impending recession through saving," he said.

"Failing to increase Isa allowances further is a poke in the eye of savers who need encouragement to put away money. Increasing Isa allowances by three per cent after nine years is not good enough."

Banks and building societies are keen to get people saving as it offers a means of raising capital while the money markets remain in the grip of the credit crunch.

However, with household bills and mortgage repayments rising, many people are unable to put much away for the future.

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