Budget 2014: Junior ISA limit raised to £4,000

The chancellor (pictured) said the limit would rise from its current level of £3,720 from 1 July 2014 as he announced sweeping reforms to pensions and savings. As part of the reforms, Osborne said limits on pension income drawdown and flexible drawdown would be first reduced, then scrapped and "trust" would be handed back to savers. He also said each and every DC saver would get "free impartial advice on how to get the most of their pension". "We are backing a Britain that saves," the chancellor said. Read more on the Budget 2014 HERE