Annual cash Isa limit to remain at £20,000 after Healey drops the planned cut to £12,000

Summary

Chancellor John Healey was set to U-turn on the Isa allowance cut to £12,000, according to reports, the Evening Standard and The Independent reported on the morning of Wednesday 28 October, Healey being said to believe the allowance cut was the wrong tool to persuade Britons to invest more in stocks and shares. The annual cash Isa limit will remain at £20,000 after the plans for a cut were overturned, the two outlets then reported, Healey unveiling plans for a new 'starter Isa' in the Budget. The Scotsman reported that Scottish experts branded the U-turn a 'backward step', Kevin Brown of Scottish Friendly saying 'For those who can put money away for the long term and can accept investment risk, investing offers the potential for better returns'.

Latest: The annual cash Isa limit will remain at £20,000 after plans for a cut to £12,000 were overturned, Chancellor John Healey unveiling plans for a new 'starter Isa' in the Budget, the Evening Standard and The Independent reported, after reports that Healey was set to U-turn on the cut, and The Scotsman reported Scottish experts branding the U-turn a 'backward step'.

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