There may be warning lights over the global economy but the UK is getting out of the red and into the black

In response to the announcement of the Chancellor’s Autumn Statement Nicolas Frankcom, money expert at Uswitch.com, says: “The Autumn Statement today reinforced this government’s commitment to savers and families. The cuts to stamp duty, increase in the ISA allowance and further pension reforms will no doubt prove popular.

“While the reductions in stamp duty could save potential house buyers entering the market thousands of pounds, this is only a small part of the cost of buying. Owning a home is still a pipe dream for many who have been fighting stagnant wages and the rising cost of living. The steady increase to the income tax bracket, now £10,600, will offer some relief here.

“There is great news for the one in three Brits who plan to use their full ISA this year, with the tax free ISA allowance rising to £15,240. What’s more ISAs will retain their tax free status when passed onto a loved one.

“Yet, more still needs to be done to help the 19% of consumers who say they can’t afford to save with an ISA. With average yearly earnings just £26,500, I would question the number of savers that can afford to save £15,240 per tax year.

“More importantly, with interest rates at an all-time low, anyone paying the standard tax rate who does save the full amount of £15,240 will gain less than a pound in tax free interest at current rates compared to the previous allowance.

“It is crucial that as the UK continues to move out of the red and into the black, people start to feel a real difference where it matters – in their wallets.”