Concerns Over Potential Cut to Cash Isa Limit
Advisers are not convinced by potential plans to cut the Cash Isa limit, with Antonia Medlicott, founder of Investing Insiders, calling it a "terrible way" to encourage good financial habits.
Cutting the Cash Isa allowance is a "terrible way" at encouraging good financial habits.
The industry has reacted negatively to rumors that the chancellor, Reeves, is considering reducing the Cash Isa allowance from £20,000 to £10,000. This comes after speculation last year that the limit would be cut to £5,000, which did not occur.
- Current Cash Isa limit: £20,000
- Potential new limit: £10,000
- Previously considered limit: £5,000
Reeves' team has confirmed that cutting the Cash Isa limit is being considered ahead of the Budget on November 26, but stressed that no decisions have been made. Medlicott believes that a £10,000 limit would be "slightly less disastrous" than the previously considered £5,000 limit.
Author's summary: Advisers oppose potential cut to Cash Isa limit.
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