Andy Mielczarek, Founder and CEO of SmartSave, a Chetwood Financial company, said: "It was good that the Chancellor’s statement included a focus on the savings market.
“Modernising rules and regulations around savings products is a necessity as economic conditions change, so announcing reforms was a must after years of rampant inflation and a devastating cost-of-living crisis. The Chancellor’s wider emphasis on putting more money in people’s pockets through wage increases and tax cuts bodes well for people’s finances, but overlooking their ability to save effectively would have been a grave omission.
“With some saving providers offering inflation-beating rates, now is the time for action – not only by the government, but also by consumers, on whom the onus remains to make savvy financial decisions. Many banks are still failing to pass better rates onto customers, so it is up to savers to shop around for the best products and providers that can enable them to meet their long-term financial goals."