Cutting cash Isa limit would be a mistake, says AJ Bell boss
Cutting the amount that people can save in a cash Isa would be short-sighted and fail to achieve the government's aim of boosting the stock market, the boss of one of Britain's biggest DIY investment platforms has warned.
Michael Summersgill, who runs the FTSE 250 wealth manager AJ Bell, said on Friday that he was strongly opposed to the idea of reducing the £20,000 annual tax-free allowance for cash Isas, arguing that such a move 'won't change people's behaviour'.
There has been mounting speculation that ministers are poised to shake up the savings regime in an effort to encourage more of the public to put cash into Britain's faltering stock market. Rachel Reeves, the chancellor, has signalled that she is keen on reform, and said
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