Cash ISA savers have been urged to “stay nimble” as government could still announce changes to accounts
Chancellor Rachel Reeves outlined the government’s Spending Review in the House of Commons today (11th June) but gave no assurances to Cash ISA savers worried about changes made to limits.
Myron Jobson, senior personal finance analyst interactive investor, explained: “Stay nimble but not reactionary. Making full use of available tax wrappers, such as ISAs and pensions, remains one of the most effective ways to protect and grow your wealth.”
“But it’s equally important to avoid knee-jerk decisions based on speculation that could have long-lasting financial consequences.
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“A measured approach is the best defence against the uncertainty that continues to define the current personal finance landscape.”
He added that the personal finance landscape remains “in a state of flux,” due to uncertainty surrounding the ISA regime and inheritance tax.
Mr Jobson said that pension rules “are all in the pipeline”, and the U-turn on cuts to the winter fuel payment signals “the piecemeal nature of support measures.”
The SPending Review has been met with almost immediate criticism with worries that it will lead to tax rises announced in the autumn budget.
After Reeves’ speech in the House of Commons, Shadow Chancellor Mel Stride said: “This spending review is not worth the paper that it is written on because the Chancellor has completely lost control.
“This is the spend now, tax later review because the Chancellor knows that she will need to come back here in the autumn with yet more taxes and a cruel summer of speculation awaits.”
Stephen Millard, interim director of the National Institute of Economic and Social Research has also voiced concerns, saying: “The Chancellor has yet again said that her fiscal rules are ‘non-negotiable’.
“But, given the small amount of headroom at the time of the spring statement and the increases in spending announced since then, it is now almost inevitable that if she is to keep to her fiscal rules, she will have to raise taxes in the autumn budget.”
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