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Radical changes to ISAs have been announced as one of the major headlines in the Budget today.

The new Lifetime ISA could be used for “other specific life events” apart from buying a first home and for retirement.

A new pensions body is to be created as a part of a shake up that includes creating a ‘slimmer’ Money Advice Service.

The Lifetime ISA has been attacked as a ‘gimmick’ and a ‘competitor’ to pensions - less than two hours after it was revealed.

Nearly a fifth of consumers may be planning to withdraw cash from pensions to drip-feed it into an ISA once they turn 55, according to new data.

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