Overview
- An FT-sourced report says officials are considering reducing the annual cash ISA allowance to about £10,000, a move not yet confirmed by the government.
- Building societies report a rush into tax-free accounts, with Yorkshire Building Society citing a 30% rise in ISA openings and nearly 50% higher balances versus a year earlier.
- Bank of England figures show £2.4bn flowed into cash ISAs in September and £28.4bn so far this tax year, with deposits since Rachel Reeves took office topping £62bn.
- Industry voices including Nottingham Building Society warn a lower cash ISA cap could deter saving and constrain mutual lenders’ capacity to support mortgages.
- Pressure to protect pensions is intensifying as an AJ Bell petition for a ‘Pension Tax Lock’ passes 10,000 signatures, while economists flag a £20–£40bn fiscal gap prompting talk of wider tax measures.