The chancellor has signalled that she could reform the savings regime and limit the amount that people can put in cash Isas amid calls from investment firms for a shake-up to boost Britain’s faltering stock market.
Rachel Reeves said on Thursday that she wanted to get the “balance right” on individual savings accounts (Isas). These are popular tax-free savings products that allow investors to put away £20,000 a year either as cash or to invest, as part of efforts to encourage more of the public to invest and help to turbocharge the UK’s lacklustre economic growth.
Reeves met executives from some of the City of London’s biggest fund management companies on Wednesday, including Abrdn, Schroders and Fidelity International, who urged her to simplify the complicated regime for Isas.
• I want people to buy shares — and get rich, says new City minister
One idea proposed by the industry recently is the abolition of the cash Isa,…
