Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To think Rachel Reeves patronised the public with her rhetoric on cash ISAs?!

215 replies

Hulabalu · 13/07/2025 19:09

I paraphrase but she said she wanted to cut the ‘cash’ ISA allowance from 20k to a fraction of that but allow people to still do the 20k stocks & shares ISA. She said something like she wanted “peoples hard earned money put to work in the stock market”.
She gave ZERO thought to people’s attitude to risk, that they might not want to risk their money in stock market.
She just wanted people investing in UK companies to boost economy. Not that people would have necessarily invested in Uk stocks.
Thankfully the banks etc stepped in and stopped her stupid plan
But I now can’t stand the woman! How dare she try to “sell” her plan to us and take us for fools 😡

OP posts:
New posts on this thread. Refresh page
Thread gallery
5
MyNameIsX · 19/07/2025 15:02

Locutus2000 · 19/07/2025 14:58

The tories lasted fourteen years. Now that's laughable.

Speaking of 14 years, are you usually so ‘quick’ with your retorts?

This one only took you two days.

Ahem.

Locutus2000 · 19/07/2025 14:58

MyNameIsX · 17/07/2025 14:00

I think the desperation is mainly in Labour’s assumption they will make the next four years to a GE.

I find that prospect laughable.

The tories lasted fourteen years. Now that's laughable.

Erlingen99 · 19/07/2025 14:49

twistyizzy · 19/07/2025 10:16

Yes its the "working people" slogan when in reality they mean union members only. They don't mean the people who work to pay the majority of the tax income. Those people are seemingly just a cash cow for Labour = huge feeling of "why bother".

And they must think that “the working people” are thick as two short planks and have not noticed that frozen tax thresholds = tax increase.

twistyizzy · 19/07/2025 10:16

CruCru · 19/07/2025 10:12

I am no fan of Rachel Reeves but, if more taxes have to be raised, cutting the cash ISA allowance is not outrageous. The original plan was that, while you could invest £7k a year in an ISA, only £3k of that could be in cash. If you hate the idea of cutting the cash ISA allowance, what would you do instead? Put an extra 1% onto income tax? There aren’t all that many options available - it’s likely that the VAT on school fees will end up costing money and “taxing the rich” makes them leave.

The messaging from Labour has been very uncomfortable - often it sounds as though they have a real distaste for the people who generate the bulk of tax raised. Bridget Phillipson’s tweet about “our children deserve…” comes across as her not believing that children in private schools are any who need her consideration. The overall impact may be that those who have some wealth will not feel as though they owe the UK government anything - I’ve very little invested in UK stocks (and am totally out of the FTSE 250).

Yes its the "working people" slogan when in reality they mean union members only. They don't mean the people who work to pay the majority of the tax income. Those people are seemingly just a cash cow for Labour = huge feeling of "why bother".

CruCru · 19/07/2025 10:12

I am no fan of Rachel Reeves but, if more taxes have to be raised, cutting the cash ISA allowance is not outrageous. The original plan was that, while you could invest £7k a year in an ISA, only £3k of that could be in cash. If you hate the idea of cutting the cash ISA allowance, what would you do instead? Put an extra 1% onto income tax? There aren’t all that many options available - it’s likely that the VAT on school fees will end up costing money and “taxing the rich” makes them leave.

The messaging from Labour has been very uncomfortable - often it sounds as though they have a real distaste for the people who generate the bulk of tax raised. Bridget Phillipson’s tweet about “our children deserve…” comes across as her not believing that children in private schools are any who need her consideration. The overall impact may be that those who have some wealth will not feel as though they owe the UK government anything - I’ve very little invested in UK stocks (and am totally out of the FTSE 250).

EasternStandard · 17/07/2025 14:09

Erlingen99 · 17/07/2025 13:59

Where Germany introduced voting for under 18s - a policy pushed by the Greens- many actually voted fro the right wing AFD party so it certainly back fired there.

I imagine the same will happen in the UK. Some will vote for the Greens and the new Corbyn party but many will vote for Reform.

Yep it won’t be Labour but Corbyn and Reform

MyNameIsX · 17/07/2025 14:00

Erlingen99 · 17/07/2025 13:59

Where Germany introduced voting for under 18s - a policy pushed by the Greens- many actually voted fro the right wing AFD party so it certainly back fired there.

I imagine the same will happen in the UK. Some will vote for the Greens and the new Corbyn party but many will vote for Reform.

I think the desperation is mainly in Labour’s assumption they will make the next four years to a GE.

I find that prospect laughable.

Erlingen99 · 17/07/2025 13:59

EasternStandard · 17/07/2025 13:48

It’s a bit desperate from Starmer but it may well backfire.

Where Germany introduced voting for under 18s - a policy pushed by the Greens- many actually voted fro the right wing AFD party so it certainly back fired there.

I imagine the same will happen in the UK. Some will vote for the Greens and the new Corbyn party but many will vote for Reform.

twistyizzy · 17/07/2025 13:56

Erlingen99 · 17/07/2025 13:46

I believe infants and 1 year olds are also eligible to pay taxes so on that logic we should lower it much further…..

I miss the 😆 button

EasternStandard · 17/07/2025 13:48

MyNameIsX · 17/07/2025 13:18

Sir Keir Starmer was accused of an attempt to “rig the political system” after the Government announced it was handing the vote to 16-year-olds.

The change, which was promised in Labour’s manifesto last summer and will be in place in time for the next general election, will bring the voting age down in line with Scottish and Welsh elections.

The Prime Minister said 16 and 17-year-olds were old enough to pay taxes and they should therefore get a say in the running of the country.

Following Starmer’s logic, can we remove the right to vote for those that don't work or dont pay taxes or serve in the armed forces, on a 'No representation without contribution' principle?

It’s a bit desperate from Starmer but it may well backfire.

Erlingen99 · 17/07/2025 13:46

I believe infants and 1 year olds are also eligible to pay taxes so on that logic we should lower it much further…..

MyNameIsX · 17/07/2025 13:18

Sir Keir Starmer was accused of an attempt to “rig the political system” after the Government announced it was handing the vote to 16-year-olds.

The change, which was promised in Labour’s manifesto last summer and will be in place in time for the next general election, will bring the voting age down in line with Scottish and Welsh elections.

The Prime Minister said 16 and 17-year-olds were old enough to pay taxes and they should therefore get a say in the running of the country.

Following Starmer’s logic, can we remove the right to vote for those that don't work or dont pay taxes or serve in the armed forces, on a 'No representation without contribution' principle?

twistyizzy · 17/07/2025 09:17

MyNameIsX · 17/07/2025 09:08

Unemployment has climbed to a four-year high, official figures showed, after Rachel Reeves’s tax raid on businesses.

The UK unemployment rate hit 4.7pc in the three months to May, according to the Office for National Statistics (ONS), which was the highest since early 2021.

Excellent work by Labour. More people off work and on to benefits. The plan to accelerate Britain's decline is fully on track.

Almost as if putting up costs to employers via NI and NMW would have an impact on employment 🤔

Our company, a charity, had unforseen £1 million bill due to NI rise in April. Result = recruitment freeze, cut budgets + redundancies. But Labour will be "surprised" I'm sure.

MyNameIsX · 17/07/2025 09:08

Unemployment has climbed to a four-year high, official figures showed, after Rachel Reeves’s tax raid on businesses.

The UK unemployment rate hit 4.7pc in the three months to May, according to the Office for National Statistics (ONS), which was the highest since early 2021.

Excellent work by Labour. More people off work and on to benefits. The plan to accelerate Britain's decline is fully on track.

Hulabalu · 16/07/2025 22:11

Sundaymorningcalla · 16/07/2025 16:43

Continue sticking your money into a cash ISA then and have it eaten away in value by inflation.

The only use for a cash ISA is for a quick access savings account that is tax free. Anything long term belongs in a S&S ISA. They don't teach this at school because the system wants you to stay poor .

This move has it have happened would have been one of the few things this government has actually got right. Now the Cash ISA allowance won't be changing I'm hoping there will be incentives or higher deposit limits for us sensible folk who know how to make the money work for them and get a real return that beats inflation.

Cash ISAs are nearly as crap as premium bonds, but I won't get started on those.

But yes you’re right that they do want to keep the rich poor gap growing and keep the masses poor

OP posts:
Hulabalu · 16/07/2025 22:10

Sundaymorningcalla · 16/07/2025 16:43

Continue sticking your money into a cash ISA then and have it eaten away in value by inflation.

The only use for a cash ISA is for a quick access savings account that is tax free. Anything long term belongs in a S&S ISA. They don't teach this at school because the system wants you to stay poor .

This move has it have happened would have been one of the few things this government has actually got right. Now the Cash ISA allowance won't be changing I'm hoping there will be incentives or higher deposit limits for us sensible folk who know how to make the money work for them and get a real return that beats inflation.

Cash ISAs are nearly as crap as premium bonds, but I won't get started on those.

But I need quick access savings tax free…
reeves knows many will be in this situation and so it’s really just a way to grab tax

OP posts:
Hulabalu · 16/07/2025 22:06

ChattyChai · 16/07/2025 16:02

Investing is a much better option. If you don’t want to? Don’t, but generate tax revenue instead.

investing better if you have appetite for risk and a decent time horizon . Otherwise, cash may well be best if earning decent interest in a cash isa .

OP posts:
Hulabalu · 16/07/2025 22:03

I don’t blame you
but the rich with their offshore bank accounts will be fine and so the poor on benefits will be unaffected , it’s the ones in middle that will get stung

OP posts:
Hulabalu · 16/07/2025 21:57

Drayt · 16/07/2025 15:35

I really couldn’t give a shit one way or another.

Not true, you gave enough of a shit to comment!

OP posts:
EasternStandard · 16/07/2025 21:32

twistyizzy · 16/07/2025 21:29

5/10 is a huge stretch. Majority of population wouldn't give them that.
4 MPs suspended for being knobheadery behaviour in the words of No.10. How is that acceptable language when those MPs were standing up for their constituents, shows the level of contempt in No10 for the electorate. Not sure even Boris would have said that tbh

Mn is playing up. Ignore the jibes.

It’ll be interesting to see if Labour do the lower voting age that their supporters wanted. Maybe not now Corbyn and Reform could take votes.

BIossomtoes · 16/07/2025 21:30

twistyizzy · 16/07/2025 21:29

5/10 is a huge stretch. Majority of population wouldn't give them that.
4 MPs suspended for being knobheadery behaviour in the words of No.10. How is that acceptable language when those MPs were standing up for their constituents, shows the level of contempt in No10 for the electorate. Not sure even Boris would have said that tbh

Yes, you said that 20 minutes ago.

twistyizzy · 16/07/2025 21:29

5/10 is a huge stretch. Majority of population wouldn't give them that.
4 MPs suspended for being knobheadery behaviour in the words of No.10. How is that acceptable language when those MPs were standing up for their constituents, shows the level of contempt in No10 for the electorate. Not sure even Boris would have said that tbh

BIossomtoes · 16/07/2025 21:28

EasternStandard · 16/07/2025 21:21

And Labour typically rely on younger voters. Usually they’re pro that until it’s a Corbyn party.

A split as you’ve put wouldn’t help them.

Young people tend not to vote. From Yougov

However, while previously there had also been a gradual decrease in the Labour share as age rises, in this election, around the same proportion of all age groups below 50 voted for Labour (41% to 46%). For the over 50s the proportion voting Labour decreases more steeply with 34% of 50-59s backing Labour, 28% of 60-69s and just 20% of those 70 or older.

^The Liberal Democrats were backed similarly across age groups, the Green Party did a lot better with younger voters while Reform UK did better amongst older voters.
The median age of a Labour voter is now 46 and the median age of a Conservative voter is 63. For the Lib Dems it is 48, Reform UK 56, and Greens 39^

https://yougov.co.uk/politics/articles/49978-how-britain-voted-in-the-2024-general-election

How Britain voted in the 2024 general election | YouGov

Using a sample of over 35,000 voters, YouGov looks at how voters voted at the 2024 election across factors like age, gender, class, education, income, work status, housing tenure and their vote at past elections

https://yougov.co.uk/politics/articles/49978-how-britain-voted-in-the-2024-general-election

EasternStandard · 16/07/2025 21:21

twistyizzy · 16/07/2025 21:04

God you would argue with a door! Of course there is context but it doesn't fundamentally change the result of the poll. The result is the same whether you read the bloody article alongside it or not.

And Labour typically rely on younger voters. Usually they’re pro that until it’s a Corbyn party.

A split as you’ve put wouldn’t help them.

TheNuthatch · 16/07/2025 21:21

twistyizzy · 16/07/2025 21:16

5/10 is a huge stretch. Majority of population wouldn't give them that.
4 MPs suspended for being knobheadery behaviour in the words of No.10. How is that acceptable language when those MPs were standing up for their constituents, shows the level of contempt in No10 for the electorate. Not sure even Boris would have said that tbh

That is poor form from No10.

Swipe left for the next trending thread