'Save cash ISAs and keep £20,000 limit' urge building societies in open letter to the Chancellor

MSE_Molly_G

More than 50 building societies and other financial firms have signed an open letter urging the Chancellor Rachel Reeves to save cash ISAs by keeping their £20,000 tax-free limit. The move comes amid reports Ms Reeves will announce a cut to the cash limit in her Mansion House speech on Tuesday 15 July.

Read the full story:

'Save cash ISAs and keep £20,000 limit' urge building societies and more in open letter to the Chancellor

If you haven't already, join the forum to reply.

retiredbanker1

My opinion is - if you are well less off then you do not have £20k or anywhere near to save anyway - so if the limit is reduced it is not going to make a massive difference day to day.

Albermarle

retiredbanker1 said:

My opinion is - if you are well less off then you do not have £20k or anywhere near to save anyway - so if the limit is reduced it is not going to make a massive difference day to day.

My thoughts exactly. There are daily articles on the topic in the media for months now.
However not being able to add £20K of new money to a Cash ISA, would in reality only affect a small % of the population - the ones who make the most noise I guess.

friolento

Seems to have worked, at least for now https://forums.moneysavingexpert.com/discussion/comment/81536835/#Comment_81536835

boingy

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

EthicsGradient

boingy said:

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

So "continuing the policy that has been in place for several years" is now a "U-turn"? I think we need to tighten up the definitions we use in discussions.

boingy

EthicsGradient said:

boingy said:

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

So "continuing the policy that has been in place for several years" is now a "U-turn"? I think we need to tighten up the definitions we use in discussions.

"Plans are now on hold" is a U-turn.

Bobblehat

boingy said:

EthicsGradient said:

boingy said:

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

So "continuing the policy that has been in place for several years" is now a "U-turn"? I think we need to tighten up the definitions we use in discussions.

"Plans are now on hold" is a U-turn.

I think she is still facing the same way but maybe just stopped in her tracks for a short while!

EthicsGradient

boingy said:

EthicsGradient said:

boingy said:

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

So "continuing the policy that has been in place for several years" is now a "U-turn"? I think we need to tighten up the definitions we use in discussions.

"Plans are now on hold" is a U-turn.

I mean - no. This is about meanings in English. Stop torturing the language. And maybe remember "We'd like to remind Forumites to please avoid political debate on the Forum".

Albermarle

Bobblehat said:

boingy said:

EthicsGradient said:

boingy said:

Just another U-turn. I doubt she'll be in the job much longer, especially given the numbers for May that have just been released.

So "continuing the policy that has been in place for several years" is now a "U-turn"? I think we need to tighten up the definitions we use in discussions.

"Plans are now on hold" is a U-turn.

I think she is still facing the same way but maybe just stopped in her tracks for a short while!

Good way of putting it !

Shylock_249

I wonder what the effect would be to many of the small savings banks and building societies if savers decided to save 5k in banks/building societies and 16k in UK S&S.  I'd think many of them would go to the wall and there might very well be runs on banks similar to those seen when Northern Rock (almost) folded and would the FSCS be able to compensate ALL savers if say 15 banks folded?