SNP urge Reeves not to cut Isa tax-free allowance
Suggestions of the shift have raised concerns among banks, while consumer finance expert Martin Lewis claimed it could match up to other unpopular decisions taken by the Labour administration in the past year, including the cut to personal independence payments (Pip) and the winter fuel payment.
SNP economy spokesman, Dave Doogan, said the move could 'clobber' 1.3 million people in Scotland who have cash Isas.
'Rachel Reeves seems determined to make this Labour Government one of the least popular in history with its austerity cuts and tax hikes hitting every part of society and leaving families worse off,' he said.
'First, the Labour Party went after pensioners and disabled people with their winter fuel and disability cuts, then they went after farmers and small businesses with their tax hikes, and now they are coming after millions of hard-pressed families who are simply doing their best to save for their futures. They are totally out of touch.
'People are sick to the back teeth of this Labour government making it harder for people to get by.
'Under Keir Starmer, Brexit Britain is already suffering from soaring living costs, poor wages and a personal savings crisis.
'The UK Government should be helping people not launching another Labour Party tax grab – and dipping their fingers into people's life savings.
'This blow to savers is already proving to be deeply unpopular with voters and, as consumer champions like Martin Lewis have warned, it could be another winter fuel and Pip level controversy for millions of families who are angry with this out-of-touch Labour Government.'
Research commissioned by the SNP by the House of Commons Library on the issue found 30% of Scottish adults reported having a cash Isa.
Those accounts, as of April 2022, have a total market value of £52.7 billion, an average of £32,917 per account.
The UK Government has been contacted for comment.
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Scottish Sun
17 minutes ago
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I've heard first-hand from people that they've had a miscarriage and their employer has said, 'Oh god, that's awful, take the day off and we'll see you tomorrow'. 'That can't be for your employer to decide. 'For ladies that have been pregnant, and this was definitely the case for me, your life changes from the minute that you pee on the stick and you find out you're pregnant. 'There needs to be time for women who have lost under 24 weeks, and their partners too, to be able to acknowledge that this is a big loss.' Now Sarah hopes that the legislation move will remove some of the stigma around miscarriage and lead to more awareness. She added: 'There's still work to be done. Changing policies, upskilling your staff, understanding so that we're not whispering about miscarriage and baby loss. 'One in four pregnancies ends in a loss and it doesn't discriminate either. Everyone will be touched by it, directly or indirectly. So we should be talking about these things. 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Daily Mirror
19 minutes ago
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BBC News
37 minutes ago
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Government's diluted welfare bill clears House of Commons
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