The Chancellor of the Exchequer visited a bank in Kilburn this morning to unveil a new policy which allows savers to stash more cash tax free.
George Osborne met with staff at the Halifax branch in Kilburn High Road to discuss the impact on the changes to ISA accounts.
Under the new rules, which comes into effect today, new ISAs - known as NISAs will see an annual increase of the amount that can be saved or invested from £11,880 to £15,000.
The Conservative MP said: “This new ISA is a way for people can save easily for their future save up for a deposit for a house.”
“It is one of the things we need to do, obviously not everyone will be able to save, we are supporting the credit union over the road, we’re capping charges that the payday lender can offer, which is something that has never happened before.
“So there is a whole range of things you need to do to help people with their finances but today is about helping savers.”
From today payday lenders will be banned from rolling over loans more than twice and will be forced to check potential customers can afford to take out debt.
They must also place warning on their television adverts.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here