Isa savings allowances will be frozen at their current levels next year - in a move described as a "kick in the teeth" for savers.

The Government said it will maintain the Isa, Junior Isa and Child Trust Fund annual subscription limits at their current level for 2016/17.

The annual adult Isa limit will be held at £15,240. The Junior Isa and Child Trust Fund limits will be kept at £4,080.

Isas are a tax-efficient way for savers to make their cash grow and have been particularly attractive in the low interest rate environment, with savers suffering poor rates of return across accounts generally.

Gareth Shaw, head of consumer affairs at Saga Investment Services, said: "Isas are an integral part of the retirement planning process - indeed more than 12 million over-50s now hold an Isa, and the significant savings they've built up can help them generate a retirement income tax efficiently.

"The Isa allowance has become a lot more generous, but the freeze will disappoint all those using these popular accounts to fund their retirement."

Maike Currie, associate investment director at Fidelity International, said: "The Chancellor has delivered a kick in the teeth for Isa savers by freezing the allowance at £15,240 and keeping the Junior Isa limit at £4,080.

"The increase is typically based on September's inflation figure and while we have been in negative territory, any increase would have been welcome for the nation's savers."

Meanwhile, the Government said that the basic state pension will rise to £119.30 a week from April 2016 , which is an increase of £3.35. This will be the highest real terms increase to the state pension for 15 years, the Government said.

The "triple lock" on pensions means that the state pension rises every year in line with wages, prices or 2.5% - whichever is highest.

The triple lock will mean that someone on a full basic state pension will receive around £570 more a year in 2016/17 than if it had been uprated by average earnings growth alone over the past six years, the Government said.

Alongside the increase in the basic state pension, Chancellor George Osborne confirmed that the starting rate for the new, simplified single tier pension will be £155.65 for those reaching pensionable age from April 2016.

Tom McPhail, head of retirement policy at Hargreaves Lansdown, said: "The new state pension will eventually make life simpler in the long run. The Government still has its work cut out to communicate the changes."