Joe Powell
Main Page: Joe Powell (Labour - Kensington and Bayswater)Department Debates - View all Joe Powell's debates with the Leader of the House
(1 month, 1 week ago)
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Sir Alan Campbell
The reality of the situation is simple, and I am surprised that the right hon. Gentleman does not understand it. The new cash ISA limit, introduced by the Chancellor at the Budget in 2025, will encourage retail investment and drive better returns for savers. We are confident that we have struck the right balance between supporting normal investor behaviour and preventing routes that replicate a higher cash ISA allowance in stocks-and-shares ISAs and innovative finance ISAs. The new charge is aimed at deterring the long-term holding of cash in ISAs that should be used for investment. We have designed the rules to be as simple as possible, in order to maintain maximum flexibility for savers and ensure that an investment portfolio works for them. Normal investor behaviour, such as holding cash in a non-cash ISA prior to investment, will not be prevented by the introduction of the tax changes.
Joe Powell (Kensington and Bayswater) (Lab)
Will the Leader of the House join me in commending the fantastic parliamentary staff in Westminster and in constituencies across the UK who keep MPs’ offices running? They are employed by 650 separate offices, rather than by Parliament itself. That leaves them without consistent terms and, in some cases, proper support. The GMB, the largest union in Parliament—for the record, it is my union—is working to fix that through its “One Parliament, One Employer” campaign. Will he join me in encouraging Members to back its proposal?
Sir Alan Campbell
I thank my hon. Friend for bringing this issue to the attention of the House. He is right to recognise the incredible work done by our staff in Westminster and across the UK, and I know that there are a range of views on this topic. I also note that your conference did a great deal of work on this in the last Parliament, Mr Speaker. Should my hon. Friend wish to have a meeting with the relevant House officials to discuss how this matter might be taken forward, and whether there is a consensus, I will help him to arrange it.