In order to encourage savers, the current £11,520 ISA limit is to be significantly increased to £15,000. This will come into effect from 1 July 2014. Furthermore the current 50% cash ISA limit of £5,760 is to be abolished so that any combination of cash and stocks and shares can be held within the ISA wrapper up to the overall £15,000 limit. These products will be termed “New ISAs” or NISAs.

The Junior ISA limit will also increase to £4,000 from 1 July 2014, which marks an increase from its current level of £3,720.