Overview

• Reports from the Financial Times, echoed by multiple outlets, say a leading option would cap annual cash ISA subscriptions at £10,000, down from £20,000.
• Treasury and Reeves’ team confirm ISA reforms are under consideration and stress no decision has been made, with a pledge to protect the role of cash savings.
• Officials have recently met financial firms to discuss restricting cash ISA inflows and are also debating a revived ‘Brit ISA’ that would add a UK‑equities‑only allowance.
• Industry pushback has intensified, with building societies warning a lower cash cap could disrupt mortgage funding and groups such as TISA urging the government to keep the current cash allowance.
• The plan follows a summer pause after heavy lobbying, and ministers have been making the case for equity investing, noting cash ISAs hold an estimated £300bn and citing historically higher long‑term stock returns.