Reform UK’s Zia Yusuf Warned Rachel Reaves Against Slashing the Cash Isa Allowance. The chancellor is reportedly poised to announce plans to Limit the £ 20,000 annual tax-free cap.
But mr yusuf, who heads up reform’s Department of Government Effect Efficency (DOGE), Wrote on X: “Unbelievably stupid from reex Leech on the state.
The chancellor is expected to announce plans to reduce the cash isa allowance in her mansion house speech next month.
Ms reenses is saaid to believe the move, reported by the financial times, will encourage savings to shift from cash to share Britain’s Economy.
It would be the biggest overhaul of isas since they would be introduced in 1999.
Ms Reves Confirmed Last Month that she has no plans to reduce the total amount that can be paid in isa product each year.
But she did not rule out cutting the allowance for cash isas.
She SAID: “I do want people to get better returns on their savings, where that’s in a pension or in their day-to-day savings”.
A treasury official confirmed that the government was “looked at options for reforms for isas that is the balance right to bet on cash and equities”.