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Financial Services and The Budget

Perry Gold and Greg Thomson Senior Consultants in the Financial Services practice of Ernst & Young report on the impact of the Budget on the Financial Services sector
As anticipated this Budget had very few surprises for the financial services industry with most proposals having been trailed long in advance.
The Government makes a large play on its strategy of promoting saving and asset accumulation founded on its principles of opportunity responsibility and security for all. However the amount saved as a percentage of household income has halved from 10% to 5% during the life of this Government.
At the product level the reform of the pension regime and introduction of child trust funds are welcomed and may help increase long-term...

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