Rachel Reeves is risking a clash with senior Labour MPs as she considers a cut to the amount people can put in a cash ISA despite a warning from an influential Commons committee not to curb tax-free savings.

The Chancellor is expected to decide at next month’s Budget whether or not to reduce the annual cash ISA allowance in a move which would be designed to funnel more savings into stocks and shares.

The Treasury is currently ramping up efforts to persuade people to put their money into more productive investments, The i Paper understands, including a Margaret Thatcher-style publicity campaign which will emphasise the benefits for long-term savers of buying shares rather than just using bank accounts. New Feature

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