Speculation is mounting that ISAs could be a target to raise revenue and finance guru wades in with his advice
Speculation has been mounting that Chancellor Rachel Reeves could be planning a raid on cash ISAs in order to get more revenue. The government is looking at ways of raising money as it struggles with increased costs of borrowing and spending pressures.
It has led to rumours and speculation that the chancellor could target ISAs, but as yet nothing has been decided. Personal finance expert Martin Lewis this afternoon waded into the debate and told one X user who asked a question ‘get on with it.’ He also admitted that the issue was being discussed by the Government
The Money Saving Expert founder said: “A lot of people are asking me ‘what’s the news with ISAs thresholds, are they being cut?’. The answer is there is no news, there’s lots of speculation written up as news, but absolutely zilch has been announced. In fact I doubt anything has been decided yet . “To those asking should I take money out of ISAs. If there are changes it will almost certainly be on how much you can contribute in future. It would be very unlikely to impact any money already in cash ISAs. So don’t do any panic moves, just keep going, nothing has happened.”
On X a user asked: “I was just planning to open another one , should I just hang fire?” Mr Lewis replied: “The opposite, if anything get on with it.”
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