Rachel Reeves wants to tweak the ISA limit (Image: PA/Getty)
Rachel Reeves has been told that her reported plan to ditch the ￡20,000 ISA limit will fail to boost the economy.
The Chancellor is believed to have discussed limiting the allowance to ￡4,000.
by Taboola by Taboola
Sponsored Sponsored
Promoted Links Promoted Links
2024 年最纾压的农场遊戏！无需安装东加：岛屿农场 立即播放
Undo
DON'T MISS
Powered by
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
Cash ISA update as expert reveals true cost of ￡4,000 cap
41 Comments
Rachel Reeves Cash ISA axe backlash as savers demand ‘leave well alone'!
67 Comments
Tesco issues unwelcome message to ISA customers
Comments
Best Cash ISAs to open right now paying 5% and over before Rachel Reeves' tax raid
1 Comments
Cash ISA savers can get market-leading 5.25% interest rate with this savings app
1 Comments
Savers urged to max out this allowance and you could get extra ￡690,0000 tax-free
2 Comments
'Use it or lose it' ISA warning with weeks to deadline and rumoured Reeves raid
5 Comments
Goodbye 'Pawn Stars'; Chumlee Pleads GuiltyBeach Raider
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savings firms ‘strongly' reject Cash ISA change in blow to Rachel Reeves
9 Comments
Rachel Reeves warned scrapping cash ISAs will hammer savers' retirement plans
4 Comments
Remember Tiger Woods Ex wife Try Not To Smile When You See Her NowBeach Raider
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves savaged over 'fantasy politics' after Cash ISA plan rubbished
97 Comments
Cash ISA update as Rachel Reeves breaks silence on '￡4,000 limit'
254 Comments
宝宝不停地摸肚子–医生发现原因时惊呆了热门话题 了解更多
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
How much money you will lose if Cash ISAs slashed to ￡4,000 by Rachel Reeves
9 Comments
Savers urged to act now or risk paying tax on thousands in ISAs
1 Comments
They Were So Beautiful Before; Now Look At Them; Number 10 Will Shock YouCash Roadster
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
请不要吃以下的7种食物！它们是会致癌的Health 24/7
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
她怎么也想不到，她母亲的项鍊有一个秘密！她在25年後发现了这个秘密。MoneyFunny
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
She Was Everyone's Dream Girl, Take a Look At Her NowWillIBeHappy.com
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
Cash ISA update as expert reveals true cost of ￡4,000 cap
41 Comments
The 20 Most Educated Actors And The Degrees They HoldHouse Jogger
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves Cash ISA axe backlash as savers demand ‘leave well alone'!
67 Comments
Tesco issues unwelcome message to ISA customers
Comments
宝宝不停地摸肚子–医生发现原因时震惊了热门话题
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Best Cash ISAs to open right now paying 5% and over before Rachel Reeves' tax raid
1 Comments
Cash ISA savers can get market-leading 5.25% interest rate with this savings app
1 Comments
Walmart Cameras Captured These Hilarious 20 PhotosOld Money Style
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savers urged to max out this allowance and you could get extra ￡690,0000 tax-free
2 Comments
'Use it or lose it' ISA warning with weeks to deadline and rumoured Reeves raid
5 Comments
Savings firms ‘strongly' reject Cash ISA change in blow to Rachel Reeves
9 Comments
Rachel Reeves warned scrapping cash ISAs will hammer savers' retirement plans
4 Comments
Rachel Reeves savaged over 'fantasy politics' after Cash ISA plan rubbished
97 Comments
Cash ISA update as Rachel Reeves breaks silence on '￡4,000 limit'
254 Comments
How much money you will lose if Cash ISAs slashed to ￡4,000 by Rachel Reeves
9 Comments
Savers urged to act now or risk paying tax on thousands in ISAs
1 Comments
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
Julie-Ann Haines, the CEO of Principality Building Society, has warned that the policy would not help grow the economy, and could make borrowing more expensive, making it harder for first time buyers to purchase a home.
"Well, we certainly believe that the UK Government should maintain and protect cash ISAs rather than restrict them," she told BBC Radio 4's Today programme this morning.
"What I hear from my customers is that many of them have cash and savings ISAs because they want to be able to get access to their money quickly, for those rainy day or emergency situations.
Sponsored
无国界医生（香港） 立即捐款
无国界医生 - 由衷感谢大家2024年的所有支持
Undo
by Taboola by Taboola
READ MORE: 'Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap'
The policy will make things harder for first time buyers, an expert has said (Image: Getty)
"And, for many of them, they don't have enough savings to put that money at risk."
The CEO then highlighted that recent research from the Building Societies Association found that 90% of cash ISA savers need to get back at least what they've saved.
She added: "We'd certainly be saying to the Chancellor to maintain and protect rather than restrict, and something that's been incredibly successful at getting people saving."
When asked if people tend to have that extra ￡16,000 to save every year, Ms Haines answered: "The average cash ISA balance is ￡13,400, and what we do know is that nearly half of cash ISAs are held by people that earn less than ￡20,000 a year.
"So these aren't wealthy investors... But I think what we're doing is removing that choice from customers.
READ MORE:
Rachel Reeves under fire as farmers send four-word warning over tax on farms [WARNING]
Popular bargain supermarket to shut stores across country after 'sudden' crisis [REPORT]
Labour target staff 'taking the p***' spending 'thousands' on meals and wine [REPORT]
Rachel Reeves has been criticised for her policies (Image: Getty)
SUBSCRIBE Invalid email
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy Policy
Trending
"We know that if you actually made this change, then only one in the 10 pounds invested in stocks and shares ISA actually remain in UK investments and equities."
Ms Reeves stance will not do the country's economy any favours, Ms Haines added.
She said: "I really don't think this will boost the UK economic growth that the Government wish to drive, and indeed what we would be concerned about is building societies like Principality, we use cash ISAs to help fund mortages and lending to first time buyers.
DON'T MISS
Powered by
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
Cash ISA update as expert reveals true cost of ￡4,000 cap
41 Comments
Rachel Reeves Cash ISA axe backlash as savers demand ‘leave well alone'!
67 Comments
Tesco issues unwelcome message to ISA customers
Comments
Best Cash ISAs to open right now paying 5% and over before Rachel Reeves' tax raid
1 Comments
Cash ISA savers can get market-leading 5.25% interest rate with this savings app
1 Comments
Savers urged to max out this allowance and you could get extra ￡690,0000 tax-free
2 Comments
'Use it or lose it' ISA warning with weeks to deadline and rumoured Reeves raid
5 Comments
Remember Tiger's Ex-Wife? Try Not To Smile When You See Her NowPaperela
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savings firms ‘strongly' reject Cash ISA change in blow to Rachel Reeves
9 Comments
Rachel Reeves warned scrapping cash ISAs will hammer savers' retirement plans
4 Comments
Everybody Wanted To Date Her In The 80's & This Is Her RecentlyWillIBeHappy.com
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves savaged over 'fantasy politics' after Cash ISA plan rubbished
97 Comments
Cash ISA update as Rachel Reeves breaks silence on '￡4,000 limit'
254 Comments
Scarlett Johansson, 40, Shows Off Her Actual Size In A New PhotosThe Latest Article
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
How much money you will lose if Cash ISAs slashed to ￡4,000 by Rachel Reeves
9 Comments
Savers urged to act now or risk paying tax on thousands in ISAs
1 Comments
Scarlett Johansson's Actual Size Left Fans SpeechlessThe Latest Article
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
SHAPE Design Top-up Degrees 培育创意无限设计人才SHAPE 才晋高等教育学院 立即申请
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
工程Top-up Degrees 专业技能助您筑起前路SHAPE 才晋高等教育学院 立即申请
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
She Was Everyone's Dream Girl In 90's, This Is Her RecentlyBoite A Scoop
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
Cash ISA update as expert reveals true cost of ￡4,000 cap
41 Comments
Oldest Stars Who Are Still Alive And Often ForgottenBoite A Scoop
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Rachel Reeves Cash ISA axe backlash as savers demand ‘leave well alone'!
67 Comments
Tesco issues unwelcome message to ISA customers
Comments
男孩以为自己救了狗，得知真相後脸色惨白Daily-Tales.com 阅读更多
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Best Cash ISAs to open right now paying 5% and over before Rachel Reeves' tax raid
1 Comments
Cash ISA savers can get market-leading 5.25% interest rate with this savings app
1 Comments
狗狗不肯让宝宝一个人睡——父母知道原因后，立刻报警了有趣事实
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Savers urged to max out this allowance and you could get extra ￡690,0000 tax-free
2 Comments
'Use it or lose it' ISA warning with weeks to deadline and rumoured Reeves raid
5 Comments
Savings firms ‘strongly' reject Cash ISA change in blow to Rachel Reeves
9 Comments
Rachel Reeves warned scrapping cash ISAs will hammer savers' retirement plans
4 Comments
Rachel Reeves savaged over 'fantasy politics' after Cash ISA plan rubbished
97 Comments
Cash ISA update as Rachel Reeves breaks silence on '￡4,000 limit'
254 Comments
How much money you will lose if Cash ISAs slashed to ￡4,000 by Rachel Reeves
9 Comments
Savers urged to act now or risk paying tax on thousands in ISAs
1 Comments
UK savers face up to ￡360 HMRC tax bill after Cash ISA change
18 Comments
How to save ￡58,000 tax-free in a Cash ISA before change
4 Comments
State pensioners set to lose out after cash ISA rule change
20 Comments
Rachel Reeves' plot to ditch ￡20k cash ISAS in peril as hidden issue emerges
258 Comments
Savers caught in three-pronged attack as Rachel Reeves springs Cash ISA trap
150 Comments
'Proxy ISAs' could allow savers to keep their ￡20k cash limit - expert
5 Comments
Hargreaves Lansdown urges anyone with savings to beat Rachel Reeves ‘Cash ISA raid'
1 Comments
狗狗不肯让宝宝一个人睡——父母知道原因后，立刻报警有趣事实
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Book Your Low Priced Cruise (See Offers)SearchPad
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
Tom Cruise's Daughter Was So Beautiful, Look At Her Now.Favour Lifestyle
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
2025 年最纾压的农场遊戏！无需安装东加：岛屿农场
Undo
by Taboola by Taboola
Sponsored Links Sponsored Links
Promoted Links Promoted Links
"These changes could really put at risk making sure that borrowing might become more expensive, and that ultimately will impact the Government's commitment of trying to build 1.5million new homes over the Government's term."
Currently, investors have a tax-free allowance of ￡20,000 to deposit into ISAs, which can be split between cash ISAs and stocks and shares ISAs. Brits currently hold around ￡300bn in cash ISAs. However, stocks and shares ISAs have historically provided better returns in the long-run, while also allowing billions to be invested back into the British economy.