Here’s what you could do with your money after cash ISA cut in Reeves’s Budget
Rachel Reeves is set to cut the cash ISA limit in Wednesday’s Budget, with the cap poised to drop from £20,000 to £12,000.The proposed move, seen as a bid to encourage more people towards investing rather than only saving in cash, has prompted a mixed reaction from consumers and businesses. Many savers will not feel the impact of a cut on a day-to-day (or year-to-year, more specifically) limit, bearing in mind the difficulty many people have in saving upwards of £1,000 per month. But they could still be hit when they come into a lump sum – through inheritance, for example, or a property sale.Either way, some people clearly want to move money before limits are cut. One cash ISA provider, Plum, told The Independent they’d seen a 49 per cent spike in the amount deposited into accounts between 15 October and 15 November.Chancellor Rachel Reeves is set to cut the cash ISA limit in Wednesday’s Budget More
