Chancellor On Pension Fund Reform, 'British ISA'

Chancellor Jeremy Hunt delivering the budget statment.

• On pension fund reform: "I start with pension fund reform...we will build on the Edinburgh and Mansion House reforms to unlock more pension fund capital. We will give new powers to The Pensions Regulator and Financial Conduct Authority to ensure better value from Defined Contribution schemes by judging performance on overall returns not cost...I will introduce new requirements for DC and local government pension funds to disclose publicly their level of international and UK equity investments. "
• On NatWest: "we will proceed with a retail sale for part of the government’s remaining NatWest shares this summer at the earliest, subject to supportive market conditions and value for money. "
• On new British ISA: " I will introduce a brand new British ISA which will allow an additional £5,000 annual investment for investments in UK equity with all the tax advantages of other ISAs.This will be on top of the existing ISA allowances...." This was a measure speculated on pre-budget, but until now there had not been any significant details.