US EditionBuilding societies step up protest against Reeves's cash ISA reforms
- Building societies are intensifying protests this week against Chancellor Rachel Reeves’s proposed cut to the £20,000 tax-free cash ISA allowance.
- Reeves’s plan to reduce the cash ISA limit stems from efforts to boost investment returns but faces criticism over potential increased borrowing costs and economic risks.
- The Building Societies Association’s draft letter stresses that cash ISAs support lending, help keep mortgages affordable, and that cutting limits would reduce funding and raise loan costs.
- The BSA warned that restricting cash ISAs would complicate the ISA regime, discourage savers without changing risk appetite, and urged a long-term campaign to build investing confidence.
- Meanwhile, Darlington Building Society increased its buy-to-let loan-to-value from 75% to 80%, reflecting broker feedback to support landlords needing more capital or remortgaging flexibility.
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khbrknewsBuilding societies step up protest against Reeves's cash ISA reforms
A draft letter from the Building Societies Association, seen by Sky News, warns the chancellor that slashing the cash ISA limit risks pushing up borrowing costs for homeowners and businesses.
·United Kingdom
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Rachel Reeves warned cash ISA reforms will hike mortgage costs
Rachel Reeves’ plans to cut the cash ISA limit have been blasted by the bosses of Britain’s top building societies over fears they will hike borrowing costs. The Chancellor has been warned her proposals to slash savers’ annual cash ISA allowance from the existing tax-free threshold will drive up costs for homeowners and businesses. Concerns have spiked that cutting tax-free savings allowances could lead to fewer customer deposits, which buildin…
·London, United Kingdom
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Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
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C 67%
R 33%
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