Cash Isas: Reforms ‘still on the cards', The Yorkshire Post understands

Yorkshire Post

CHANGES to cash ISA allowances are still on the cards, The Yorkshire Post understands, despite an expected announcement on the plan by Chancellor Rachel Reeves being postponed this week. #ISAs

Transcript

00:00Hello, I'm Greg Wright of the Yorkshire Post.

00:04Changes to cash ISA allowances are still on the cards, the Yorkshire Post understands,

00:09despite an expected announcement on the plan by Chancellor Rachel Reeves being postponed this week.

00:15Ms Reeves have been widely expected to set up a proposal in her Mansion House speech

00:19for reduction in the current £20,000 tax-free allowances for cash ISAs,

00:24which suggests the limit could reduce for as little as £4,000 a year

00:27in a bid to encourage savers to divert more money towards stocks and shares.

00:32Ms Reeves said last night,

00:34I'll continue to consider further changes to ISAs engaging widely over the coming months

00:39and recognise that despite the differing views on the right approach,

00:42we are united in wanting a better outcome for both savers and the UK economy.

00:48A Treasury spokesperson added,

00:50the government will continue to consider reforms to ISAs and savings

00:54to achieve the right balance between cash savings and investment.

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