The potential changes to the tax-free savings system would form part of the Government’s efforts to boost investment into the UK – with Ms Reeves saying she wants to “create more of a culture in the UK of retail investing like what you have in the United States, to earn better returns for savers”.
He said there had been “lots of concern and people coming in multiple times a day right across the country” to ask about whether existing ISAs will lose their status, or if they will be forced to move savings into stocks and shares.
The boss of Leeds Building Society said staff have been “inundated” with questions from worried customers over the future of cash ISAs, amid reports the Government could cut the limit on deposits.
Richard Fearon, chief executive of the UK’s fifth largest building society, said it had heard from hundreds of its members who had concerns about the potential overhaul.
Mr Fearon acknowledged that, of stocks and shares investment, just £1 in every £10 goes into UK companies, with a stamp duty on UK shares acting as a disincentive.
