US EditionReeves Puts Reform of UK Cash ISAs on Hold After Backlash
- Chancellor Rachel Reeves is pausing reforms to Cash ISAs after backlash from building societies, although the plans are not completely scrapped.
- Building societies warned that changes to Cash ISAs may not encourage investing, stating that over 18 million Britons have Cash ISAs.
- Reeves is consulting with stakeholders on how to proceed, as there are differing views within the Treasury, according to government officials.
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Reports: Chancellor to shelve cash ISA allowance cuts
The chancellor has stuck a pin in plans to reduce the cash ISA allowance, according to reports. Rachel Reeves was expected to announce plans to reduce the allowance for tax-free cash savings in next week’s Mansion House speech in a bid to drive investment in stocks and shares and boost the economy. However, according to the BBC the decision has been put on hold following fierce opposition from banks, building societies and consumer campaigners. …
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Leaning Left0Leaning Right2Center2Last UpdatedBias Distribution50% Center, 50% Right
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