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

[Hulabalu]

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 😡

YES.

By money - I mean cash, investments, assets - FX, you name it.

Good, glad we have corrected the OP and her mis information, Reeves never said it did she?

Much like the reports that single person households would lose the council tax discount pre GE.... all made up.

The banks then campaigned on these reports, they of course benefit massively from the tax payer funded tax breaks we give people with very large ISA holdings.

How can anyone U-Turn on something that they haven't even announced????

You are just making things up now.

She’s done a u-turn, but if it eventually happens, then this is nothing to do with her wanting to grow the economy. She knows that most Cash ISA savers are risk averse and therefore have no inclination to put their five figure cash sums into S&S ISA’s and will instead put that money into savings accounts where the interest will be liable for tax.

Exactly !!! If you need to keep it in cash for some reason then you will and then interest would get taxed

Whether she publicly announced it or leaked it to test responses she said it…
How naive can you be ?!

@Hulabalu

Certain posters have an axe to grind - regardless of reality.

I think people who are rich enough to save £20k each year (£40k if you’re a couple) don’t need tax relief on the interest

He’s just as accountable. It’s probably why he hasn’t got rid of her, so far.

Reeves is a human shield.

She will be vulnerable on or around the October budget.

Good to see some self-awareness.

Suggesting that ISA savers can save £20k every year is a ridiculous stretch.

I am most definitely playing the ball, my friend.

Nobody is being forced to invest in S&S ISAs. If you want the tax-free benefits you can take the risk. If you don’t, put your money in a bank account and pay a bit of tax on your interest instead.

If you’re potentially going to have to pay huge amounts of tax on your interest, you’re rich enough that you don’t need the UK taxpayer to fund your tax breaks.

Love the old green-eyed monster rearing its head.

All rather inevitable.

We all have a right to decide how risk averse we are, not being given the option to gain the benefits of an isa without potentially risking the capital is, in my humble opinion, unacceptable

Oh reforms biggest recruiter has arrived..

@pinotnow
I invest and the ftse has done well actually but she's gone about this whole thing backwards

No one should be forced to put their money into one small slice of the stock market it's like making everyone buy from the Devon cheese company at your Xmas fair when in fact there is cheese there from all over the world

Educate us all on the markets, get rid of the crap maths syllabus for lowly maths s! tudents and teach investing properly.

As you said imagine if your relative and everyone like her had invested that money!
Having said that I'd be surprised if your dc was soley invested in the UK markets

Just remembered that instead of savings accounts where you’ll have to pay tax, Premium Bonds are an option, if you haven’t already maxed out your PBs holding. All those prizes are (happily) tax-free.

Despise her for her policies if you wish but "hatchet faced creature" says more about you than her.

Well, the good news is.

I absolutely stand behind it.

@IthasYes I don't think anyone is going to be forced to put their money anywhere, are they?

Right. So what were you saying about playing the ball?

See the majority of my posts - firmly playing the ball.

Incidentally, when my last DD was born, my DH bought me a case of Krug. It’s ready now, but will keep for a few more years. As soon as this shower of shit are out of government, I shall honestly be breaking out a bottle.

Right, heading out for a run.

Laters!

Well I'm glad your face doesn't impact your ability to do a job.

Savage her ability by all means. God knows I'm no fan of hers. But being offensive about her looks cheapens your argument.

So you agree with me? That the £20k allowance is unnecessarily high?

Rachel from Accounts has crashed economy and is now scrambling around for whatever way she can find to plug the hole. The Tories were disastrous, this shower of shite gives a whole new meaning to incompetent.

Not sure why people are complaining. You voted for this. Now enjoy sky high taxes, a tanking economy, higher unemployment, higher inflation.