‘Go for growth’, wealth managers urge Chancellor

Marlborough-based wealth managers Brewin Dolphin have urged the Chancellor of the Exchequer to stop tinkering with pensions and “go for growth”, ahead of next week’s Autumn Statement.

“Britain needs to be allowed to grow,” said Simon Blowey, divisional director of financial planning.

“By softening HMRC’s stance on legitimate tax planning, allowing the pension system to settle down a bit so that savers can trust it, and creating and supporting schemes that encourage taxpayer investment in British business, we believe the government can help it to do so.”

The firm – which manages over £28 billion of funds for over 100,000 private clients – is also calling for an increase in the Inheritance Tax threshold to £500,000, an increase in the Junior ISA allowance to £15,000, and a business Enterprise Investment Scheme to free up nearly half a £trillion in cash sitting on big company balance sheets.

The firm has also called for support for the organically growing UK technology and science entrepreneurs, cementing the UK’s position of global importance alongside the US’s Silicon Valley, attracting high value jobs to this growing sector.

Meanwhile, applying Stamp Duty to the sale of a house rather than the purchase of it would ease the property market for new entrants, said the experts.

Stephen Depla, head of Brewin Dolphin in Marlborough, said: “The majority of our wish list would be a huge Christmas present for British families, much of which would cost the Chancellor very little. Let’s hope he listens before next week’s statement.”