Fill your boots before Reeves cuts Cash ISAs

SAVERS are in revolt as Chancellor Rachel Reeves refuses to quell reports that she is planning to reduce the Cash ISA allowance to as little as £4,000 from next month.

- Harvey Jones

The majority of Britons oppose a cut to the £20,000 allowance, a figure that rises to three in four among over-55s, according to research from Nottingham Building Society.

Its chief savings officer Harriet Guevara said Cash ISAs are an essential tool that allow millions to build a financial safety net or save for key life moments such as a property deposit or retirement: "With both economic uncertainty and Cash ISA appetite high, this would be the wrong step at the wrong time."

City investment managers are pushing Reeves to cut the Cash ISA allowance, to encourage savers to invest in Stocks and Shares ISAs instead.