Reeves To Send Mortgage Costs Soaring After Cash ISA Raid <\/p>\n
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Rachel Reeves has been talking about \u2018reforming\u2019 cash ISAs for a while to \u201cencourage investment\u201d in the dying London Stock Exchange. She\u2019s now set to slash the allowance from \u00a320,000 down to as low as \u00a35,000 in her Mansion House speech on 15 July. Savers squirming\u2026<\/p>\n
Now the UK\u2019s largest mortgage lenders \u2013 Yorkshire, Coventry and Skipton building societies \u2013 have said cutting the allowance will send mortgage costs soaring costs. Cash ISAs make up 39% of building societies\u2019 retail savings balances, a major source of mortgage funding\u2026<\/p>\n
Yorkshire Building Society\u2019s Chris Irwin said: \u201cReducing Isa deposits could make mortgages more expensive and less available.\u201d Meanwhile, Money Saving Expert founder Martin Lewis said cutting ISA allowances would be a huge \u201cmistake\u201d and that it won\u2019t \u201cnudge people to invest not save\u201d. Guido\u2019s analysis shows<\/a> that if the value of cash ISAs had been herded into the stock market during Trump\u2019s tariff-fuelled market frenzy, savers would have ended up \u00a331 billion worse off. A crying shame for savers\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"Reeves To Send Mortgage Costs Soaring After Cash ISA Raid mdi-fullscreen Rachel Reeves has been talking about \u2018reforming\u2019…\n","protected":false},"author":2,"featured_media":235259,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[51,1791,16,15],"class_list":{"0":"post-235258","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-cash-isa","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114790458276699506","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/235258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=235258"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/235258\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/235259"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=235258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=235258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=235258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}