What Rachel Reeves' cut to ISA allowances will do to your savings
The proposed reform aims to encourage individuals to invest more and achieve better long-term returns, rather than solely holding cash.
While the overall £20,000 tax -free ISA allowance will not be cut, the specific limit for cash ISAs is under discussion, marking the first major alteration since 2017-18.
The move has drawn criticism, with Martin Lewis stating it could lead to more tax for ordinary savers and expressing concern that it might not effectively encourage investment.
Industry voices like AJ Bell advocate for broader reforms, such as simplifying the ISA landscape and removing stamp duty, to genuinely encourage investment rather than just cutting Cash ISA limits.
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Major British bank with five million customers set to be sold to high street rival after days of speculation
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an hour ago
- The Independent
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