At Treasury questions, Peter Bedford MP raised concerns about the speculation surrounding cuts to ISA limits and their potential impact on savers.
Peter asked:
“Thank you, Mr Speaker. On that point, it has been widely reported that the Chancellor is planning to slash the amount that savers can save in ISAs from £20,000 to £4,000 per year. Will the Chancellor rule out this punitive measure that will see savings drop and push even more people into income tax?”
The Minister responded:
“We are committed to promoting savings and investments, as I said in an earlier answer, and one of the measures that we are looking at is the FCA’s review of the advice/guidance boundary. Because, as I said in a previous answer, I don’t want it to be just the 8% of people who can afford financial advice to reap the rewards of investing in our economy.”
Peter was not reassured by this answer and remains deeply concerned about the impact these changes will have on savers and the financial pressures they could face. He will continue to raise this issue in Parliament, advocating for measures that ensure savers are not penalised and can continue to build financial security.
