The ISA allowance could be changed, with Labour not ruling it out (Image: Getty)

       Labour has broken its silence on Rachel Reeves's reported plan to ditch the ￡20,000 ISA allowance and limit it to ￡4,000. The party has declined to rule out the potential cut. When asked about the rumours by MPs in the House of Commons, Treasury Minister Emma Reynolds avoided directly addressing the query.

       When asked by Labour Treasury Committee chairwoman Dame Meg Hillier during Treasury questions about the security of the cash ISA, Ms Reynolds said: “Cash savings provide a vital source of savings for a rainy day, we recognise that. But equally, we want to build a better investment culture in our society so that it’s not just the 8% of people who can afford financial advice who can have the opportunity of better rewards by investing in British companies and others in our economy.”

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       Rachel Reeves is reportedly planning the change (Image: Getty)

       Peter Bedford, Tory MP for Mid Leicestershire said: “It’s been widely reported that the Chancellor is planning to slash the amount that savers can save in ISAs from ￡20,000 to ￡4,000 per year.

       He then asked: "Will the Chancellor rule out this punitive measure, that will see savings drop, and push even more people into income tax?”

       Ms Reynolds said the Government is “committed to promoting savings and investment”.

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       She added: “One of the measures that we are looking at is the FCA’s [Financial Conduct Authority] review of the bias guidance boundary.

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       "Because [as] I said in a previous answer, I don’t want it just to be the 8% of people that can afford financial advice to reap the rewards of investing in our economy.”

       Ms Reynolds also said that all taxes will be kept under review.

       Also at Treasury questions, minister James Murray did not say whether the rate of employer national insurance contributions will rise again during the current Parliament.