CEO, Stephen McGee comments ahead of Autumn Statement

The Chancellor has a golden opportunity this week to reset the nation’s attitude to saving and spark a genuine investing culture in the UK. An opportunity I urge her to take.

For too long, the country has had a cash mindset that history shows erodes household wealth and deprives UK businesses of vital capital.

Cutting the annual cash ISA allowance would be a big, decisive step towards building a US-style long-term investing culture.

If the goal is to genuinely change behaviour, the cap ideally needs to be around £8,000. That still gives households enough scope to build a meaningful emergency fund while encouraging those saving larger sums to invest the rest.

This is a real lever the Chancellor can pull to boost growth, productivity, and household wealth.”