Overview
- Yorkshire Building Society reports a 30% rise in cash ISA openings and nearly 50% higher balances February–August versus 2024, with Bank of England data showing £2.4bn deposited in September.
- Multiple outlets report the Treasury is exploring cutting the cash ISA annual allowance from £20,000 to around £10,000, and building societies are urging customers to use this year’s full allowance.
- Rachel Reeves signalled in July that further ISA changes were under consideration to improve outcomes for savers and the economy.
- Economists and the i paper report that extending the freeze on income tax thresholds is viewed as likely, with estimates suggesting an average full‑time worker could pay about £250 more a year under current wage and inflation assumptions.
- Coverage also highlights pension and wealth tax options under review, including caps on tax‑free pension elements and inheritance‑tax allowances, with AJ Bell’s ‘Pension Tax Lock’ petition surpassing 15,000 signatures and newspapers reporting exploratory ideas such as an emigration ‘exit tax’ and limits on salary‑sacrifice relief.