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Shares in UK wealth managers get Budget boost

Reuters - UK Focus

LONDON, March 16 (Reuters) - Shares (Berlin: DI6.BE - news) in leading British wealth managers St James's Place and Hargreaves Lansdown (LSE: HL.L - news) rose on Wednesday after the government announced plans to help individuals save more money.

UK finance minister George Osborne said he would increase the savings allowance in each citizen's Individual Savings Account (ISA) to 20,000 pounds ($28,138) a year from April 2017, from around 15,000 pounds currently.

Osborne also announced plans for a new 'Lifetime ISA' for those aged under 40, in which individuals could save 4,000 pounds a year. This would then be topped up by a 25 percent contribution from the government.

Over their lifetime, savers will be able to have contributions of 128,000 matched by the government for a maximum bonus of 32,000 pounds.

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The initiative is aimed at helping Britons save simultaneously for retirement as well as a first home.

Shares in St James's Place were up 3.3 percent at 1344 GMT, second-biggest gainer in the blue-chip FTSE 100, while Hargreaves Lansdown was up 2.7 percent. ($1 = 0.7108 pounds) (Reporting by Simon Jessop, editing by Sinead Cruise)