Rachel Reeves urged to leave cash ISAs alone

• Rachel Reeves is under pressure from building societies and other financial organisations not to reduce the annual cash ISA limit.
• The chancellor is expected to announce a cut from the current £20,000 allowance during her Mansion House speech on 15 July, aiming to encourage wider investment.
• An open letter, signed by leaders from Nationwide, Skipton Group, Yorkshire Building Society, and Hargreaves Lansdown, argues that cash ISAs are a cornerstone of personal savings and support affordable lending.
• The signatories warn that significant reductions to cash ISA limits could make lending more scarce and expensive, potentially undermining economic growth and housing initiatives.
• Industry experts widely dismiss the plan, stating that simply changing ISA limits is unlikely to encourage investment and could instead hurt responsible savers by forcing them into taxable accounts.

IN FULL

Rachel Reeves under pressure to save cash ISAs after building societies pen open letter to chancellor