Investment - Articles - Chancellor should abolish cash ISA allowance altogether

 “For years, cash ISAs have been sold as a safe and sensible home for savers’ money, and the public has listened, parking hundreds of billions of pounds in them. In reality, cash ISAs are a pernicious product that have not only failed to improve people’s wealth but have steadily eroded it. They are completely incompatible with long-term wealth creation.

 “The Chancellor is absolutely right to take aim at this outdated product - and she should go further by abolishing the cash ISA allowance altogether. They provide very little benefit to most people: at current interest rates, a higher-rate taxpayer would need to hold over £12,500 in savings before seeing any advantage. We should not be incentivising or rewarding the hoarding of cash, particularly at a time when our stock market is teetering on the brink through lack of investment. Britain needs more people investing and more money directed towards growth, and abolishing the cash ISA is a sensible place to start.”