Chancellor Rachel Reeves has ruled out cutting the £20,000 cash ISA allowance, dismissing speculation that the limit might be lowered to encourage more investment.

In an interview with the BBC, Reeves said, “I’m not going to reduce the amount people can put into an ISA, but I want savers to achieve better returns, whether through pensions or everyday savings.”

She added, “Currently, much money is held in cash or bonds, but investing in equities or the stock market could provide higher returns. However, I am committed to preserving the £20,000 tax-free allowance available each year.”

Earlier this year, during the Spring Statement, Reeves indicated that ISA reforms are on the horizon, with further details expected in the Autumn Budget or July’s Mansion House speech.

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