There will be some wailing in the streets by those able to hit the present limit but most taxpayers earning under £50k get nowhere near.
1 week ago | 6
No, it’s a pointless change. So few people save more than 12,000/year into a cash ISA anyway, the amount of money being pushed elsewhere is insignificant. Plus, there’ll be a reason people who do chose a cash ISA, so they’ll just go to other cash options like premium bonds or NS&I savings accounts, who are all tax free as well.
1 week ago
| 11
I'm retired so don't want a lot of volatility. I put 5k into index funds and 15k into cash the last 2 years. I don't have a big income but I sold a buy to let property so moving funds into ISAs as I can. If cash is limited to 12k I 'might' invest 8 instead of 5 but it should be individual choice.
1 week ago
| 11
Its just a example of the true thick nature of Reeves and those around her, its so easy to navigate this change and still be in cash. Completely pointless
1 week ago | 0
Would really need to see the figures on how many people max out a cash ISA each year but really don't think it's going to make a huge difference.
1 week ago | 2
You need to do a video explaining how people with Cash ISAs can continue doing what they do with a stocks and shares ISA by just buying a money market fund.
1 week ago | 4
Would love to know who in the UK has £12000 spare to put in savings each year.
1 week ago | 0
Investing culture is very very poor in this country. I’m te only person I know who invests outside their works pension. I’ve talked about it with friends (all well educated) and they see it as risky. We’ve discussed the risk of inflation being the real enemy but they just don’t get it.
1 week ago | 1
It won't be like for like and £12k is still more than most can save but more will go into investments
1 week ago | 0
Only 7% used the full 2K allowance, plus over 65's keep theirs. No substantial difference was made, but hopefully it will raise discussion and knowledge of the need to invest.
1 week ago | 0
We need to see the detail on this really. As far I can gather Labour are looking at capping the cash ISA lower but not an investment ISA. Ergo they are hoping to increase the amount in investment accounts and reduce the amount in a "brackish" cash ISA account. If that is correct (and it's a big if as the budget hasn't even been announced yet) it looks like Labour are serious about encouraging people to invest and that, for me at least, is a positive and very bold move which they should get credit for. My concern would be that having people invest more without education about investments might not be a great idea and if what I say above IS THEIR INTENTION they should also look at helping people make smart choices BEFORE this is put into practise.
1 week ago | 4
All I can say is this country is going to tax the economy into some serious issues. 16500 millionaires have left the country, 3500 companies CEOs have changed official residency to overseas, Companies are resisting on the New York Stock Exchange that means companies are leaving the UK, British Companies. That leaves the poor to foot the tax bill. The problem is they dont make enough, oops I forgot they will just take every penny they earn.
1 week ago | 0
Most people I know think the stock market is a casino and have no interest in learning about it. If you try to talk about it they act like you're in a cult, so no sense pressing the issue. Financial literacy needs to be taught in schools and at home, there's plenty of less useful education happening at the moment which could make way for it.
1 week ago | 3
When you have no spare money due to excessive tax, frozen tax bands and inflation reducing how much you can save makes no difference when you have nothing left to save in the first place!!!
1 week ago | 2
The whole idea is to encourage people to invest in British companies, but with such poor growth and incresed taxation on every little thing, it just seems like a stunt to make this government seem like they are doing something when they aren't. People are more likely to hold on to what they can and sit tight rather than to take risks on an investment platform they are unfamiliar with. Low risk investing gives roughly the same return as ordinary savings unless you can invest for 15year+. 90% of British people do not have the funds to invest, so how can this policy really have any benefit to ordinary working people.
1 week ago | 0
Can’t think of a year where there has been more of a hullabaloo over the budget! What a total mess the government has created. So many rumours, floated policies, misinformation…it’s extremely unprofessional and unhelpful! Will reducing the ISA limit be helpful? No! Please government encourage people to save and don’t try to force people to invest in certain markets, instead make the market so good investors will beat a path to invest there!
1 week ago | 0
Toby Newbatt
Will Reducing the Cash ISA allowance to £12,000 (rumoured, but highly likely to be true now) from £20,000, change savers behaviour and encourage them to invest more?
1 week ago | [YT] | 35