The chancellor has stuck a pin in plans to reduce the cash ISA allowance, according to reports.
Rachel Reeves was expected to announce plans to reduce the allowance for tax-free cash savings in next week’s Mansion House speech in a bid to drive investment in stocks and shares and boost the economy.
However, according to the BBC the decision has been put on hold following fierce opposition from banks, building societies and consumer campaigners.
“Our ambition is to ensure people’s hard-earned savings are delivering the best returns and driving more investment into the UK economy,” a Treasury spokesperson told the BBC.
