Conservatives announce Green ISA

The Conservative shadow Chancellor, George Osborne MP (Con, Tatton)  announced plans for a Green Individual Savings Account (GISA).  The accounts would offer a tax free boost for savers who invested in environmentally responsible companies. 

The shadow Chancellor launched a working group led by Patrick Snowball, the former chief executive of Norwich Union, charged with bringing forward fully costed proposals for the GISA by the end of the year. The working group will explore the scope for introducing a generous tax-free savings allowance for the Green ISA, over and above the current £7,000 for stocks and shares ISAs. The group will also analyse the likely take-up and impact of this policy on Britain's currently low savings rates.  It will also draw up criteria for companies to obtain a green kitemark enabling them to qualify for investment under the GISA, acting as a major incentive for companies to curb their emissions and adopt greener technologies and practices.