I’ve been a fierce critic of the chancellor, Rachel Reeves – and I make no apology for that. But reducing the cash ISA allowance is a policy I can actually get behind – even if it’s proved controversial in other circles. In fact, I’d go one further and say it’s time ISAs were scrapped altogether.
As it stands, Britons can currently save up to £20,000 tax-free via ISAs – either in cash, stocks and shares, or “innovative finance”, which basically involves the account holder becoming a lender. You can mix and match the three options up to the maximum amount in any one year. Cash ISAs have, however, become by far the most popular, despite offering the least.
