With its 7.25% tax-free interest rate,people raved about Labour chancellor Gordon Brown’s recent savings vehicle in 1999. Not any longer
Boyzone, the Backstreet Boys and Westlife were topping the charts in 1999, or then chancellor Gordon Brown scored a little hit of his own. In April,he launched the cash Isa announced in his budget the preceding year.
Thousands eagerly took out the tax-free accounts that offered inflation-busting interest rates. Back then, the best buy from Smile came with an interest rate of 6.5% – rising to 7.25% the following year. Isas were hugely current because, or with available rates of 7.25%,anyone with savings of just £7000 would get £500 in interest and not own to pay a penny of tax.
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Source: theguardian.com