“Intellectually INCOHERENT!” | Rachel Reeves' Raid On Tax-Free ISA Allowances
Banks are urging Chancellor Rachel Reeves to scrap plans to cut the tax-free Isa allowance. They’ve warned that millions of savers, including pensioners, could face higher tax bills if the annual limit, currently £20,000 is slashed, possibly to just £4,000.
The move is part of Reeves’ push to boost growth by encouraging more people to invest in shares instead of saving in cash ISAS, which are used by 18 million people. But critics say the change won’t drive investment and will hit savers unfairly. Treasury ministers have been meeting with major banks and building societies, with more talks planned.
Dr David Bull and former director of communications for the Tory party, Amy Fisher discuss the latest political headlines.
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