Building society bosses have joined forces to urge Rachel Reeves to retain annual Cash ISA limits at its current £20,000.
The chief executives of the Yorkshire and Leeds Building Societies, as well as Skipton Group, are among more than 50 financial experts to sign an open letter to the Chancellor urging her not to go ahead with a cut to the current limit.
The Financial Times has recently reported Ms Reeves is expected to set out a cut to Cash ISA limits in next week’s Mansion House speech as part of her efforts to direct more investment towards the British stock market.
The newspaper reported that, according to a Whitehall figure, discussions were still taking place about the precise limit that will be set for Cash Isas.
Mr Reeves has previously said she will not reduce the overall £20,000 annual limit for ISA deposits but added she does “want people to get better returns on their savings”.
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