article_snippet: George Osborne announced scrapping income tax paid on interest from regular high street accounts .
article_snippet: Chancellor heralded a savings revolution yesterday by scrapping income tax paid on interest from regular high street accounts.
article_snippet: By stopping tax on savings Chancellor has effectively handed a 20 per cent boost to the rates earned by most savers in the UK.
article_snippet: Two years ago, Britain’s building societies called for the Government to scrap all tax on savings to remove this complexity.
article_snippet: We are delighted to get rid of the complicated tax system on savings.
article_snippet: ’ Anna Bowes, director of analysts Savings Champion, said: ‘It feels like interest rates on savings accounts have been falling for ever, and so this effectively gives savings accounts a 20 per cent boost to a basic rate taxpayer.
article_snippet: It makes regular savings accounts as competitive as tax-free cash Isas, and the change is likely to force a serious change in the way people save.
highlights_snippet: Chancellor has handed 20% boost to rates earned by most savers in UK .
  