economy
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TL;DR
- The tax-free allowance for cash ISAs will decrease from £20,000 to £12,000 from April 2027.
- Additional ISA reforms will change how cash can be held in non-Cash ISAs and transfer rules.
- A study by Raisin UK reveals a 37-percentage-point gap in financial confidence between Britain's lowest and highest earners.
- Only 49% of individuals earning £15,000 or less feel confident about financial products, compared to 94% of those earning over £100,000.
- The reforms risk creating a two-tier system, disadvantaging those with lower financial confidence.
- Raisin UK urges the financial services sector to simplify products and regulations.