Cash Isas: ministers sound out City bosses on cutting £20,000 tax-free allowance
by Kalyeena Makortoff Banking correspondent from World news | The Guardian on (#6XAXZ)
Investment firms say scaling back tax breaks would help UK stocks, but banks and public are wary of change
Treasury ministers are sounding out City bosses on cutting the 20,000 tax-free allowance on popular cash Isas, as they consider how to incentivise investment in UK stocks and revive the London Stock Exchange.
The City minister, Emma Reynolds, called a meeting with senior executives from six of the UK's largest banks and building societies before what could be one of the biggest shake-ups of individual savings accounts (Isas) since their creation in 1999 under the then Labour chancellor, Gordon Brown.
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