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UK households have been urged to open cash ISAs amid reports The Chancellor could halve the amount Britons can save tax-free in her Autumn Budget next month.

Labour Party Chancellor Rachel Reeves is said to be considering cutting the cash Isa allowance to £10,000 from its current £20,000 level, according to the Financial Times.

Andrew Gall, head of savings at the Building Societies Association says: "It is really concerning that Rachel Reeves is still considering cuts to the cash Isa limit. We absolutely support the calls for more people to invest, especially in the UK.

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"Cutting the cash Isa limit simply won’t achieve that aim. Starting to save is a crucial part of the journey to investing

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