The Government will create a “British ISA” to encourage the public to invest
exclusively in the UK. This will allow people to save an extra £5,000 tax-free per year by investing in UK equity. It will carry “all
the tax advantages of other ISAs”.

This would be in addition to the £20,000 that can be subscribed into an ISA. The government will consult on the details.

Some commentators immediately raised doubts on the merits of the new ISA. They say that geographic diversity is key for having a diversified
portfolio – being invested in a variety of markets around the world in case one falls short or even crashes. However, Mr Hunt said he had listened
to calls from 200 professionals in the British stock market, who will see this as good news.

He also trailed a new British Savings Bonds. Watch this space for more news on that.