Industry figures have weighed in on rumoured cash ISA reforms

Financial industry figures have urged Rachel Reeves to go further on reforming the cash ISA, following speculation the Chancellor is looking to overhaul the system in the looming Autumn Budget.

Reeves is understood to be reviving a plan to cut the tax-free limit on cash ISAs, in a bid to get people to move cash savings into domestic stocks and generate greater returns for the economy and individual investors.

British savers have a £20,000 annual limit on the amount that can be protected from tax in ISAs.

The cash model is the most popular product, with an estimated £300bn deposited.

The Treasury is now considering a £10,000 annual cash ISA limit, higher than the £5,000 previously suggested by industry figures, but the rum

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