CEO, Stephen McGee responds to the Autumn Budget

It’s encouraging to see the Chancellor take steps to reduce the annual cash ISA allowance, even if we believe she could have gone further.

The direction of travel is right, but if the Government really wants to shift behaviour and support long-term wealth creation, the cap ideally needs to be set at around £8,000.

At that level, households would still be able to build a meaningful emergency fund but would be encouraged to invest anything above that. This is vital, as there is currently around £360 billion sitting in cash ISAs earning interest that often fails to keep pace with inflation.

To be clear, we welcome this move. But if the Government wants to truly build a US-style investing culture here in the UK, then it needs to go further.