Abbey reacts positively to Budgets Isa news

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Abbey has welcomed the chancellors decision to raise the annual limit for cash individual savings accounts (Isas).

Following the announcement today that the annual limit for cash Isas is to be increased to £3,600, Abbey confirmed its belief that the measure will help to increase the number of accounts being opened.

"The decision … is a positive step toward encouraging customers to save for their futures in a tax efficient way," said Reza Attar-Zadeh, head of savings at Abbey.

"We would encourage all customers that dont have an Isa to look around in the market for the best deals," she added.

Prior to the announcement, the annual limit was 20 per cent lower at £3,000.

Abbeys range of financial products includes mortgages and credit cards.

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