I won't switch to investing if the cash ISA is cut - I'll take the tax on the chin

Helen Cooke said she would be “disappointed” if changes were made to cash ISAs in the Budget, but it would not be enough to push the 64-year-old to switch to saving into a stocks and shares ISA instead.

It has been speculated that the Chancellor Rachel Reeves could announce a cut to the cash ISA tax-free allowance on Wednesday.

Savers can currently put up to £20,000 per year in ISAs – cash or stocks and shares – to protect the returns from being taxed .

Proposed changes could see the tax-free allowance on the cash version of the account slashed to £12,000 or £10,000 a year with Reeves suggesting this is to get more people investing.

Ms Cooke, who lives on the Isle of Wight, uses the annual £20,000 allowance in full each year as a lump sum.

She has multiple ISAs with Coventry Bui