Government confirms it is looking to reform ISAs and potentially cut cash allowance
Kevin Brown, savings specialist at Scottish Friendly comments:
“The Chancellor threw up no real rabbits today in her announcements, but there was a rabbit buried in the Treasury Spring Statement documents. It has confirmed it is looking at potential reforms to ISAs and whether the allowance is correctly balanced.
“This is a potentially significant development for the ISA system, which has seen no major tweaks since the introduction of the Lifetime ISA in 2017. The issue at the heart of the review is whether cash is always the best option for savers, especially considering long-term goals.
“Cash certainly has a place in a financial plan, particularly for rainy days and short-term needs. But for longer-term plans investing provides the potential for growth. Getting the balance right of any reforms is key however. We await any potential consultation with interest.”
-ENDS-
For more information:
Heather McRoberts, PR & Communications, Scottish Friendly
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Editors notes:
About Scottish Friendly
Scottish Friendly is a leading UK mutual life and investments organisation. It provides its members and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.
Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.
Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ
Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Scottish Friendly Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority.