Oral Answers to Questions
Debate between Peter Bedford and Emma Reynolds(3 weeks, 6 days ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Emma Reynolds
Cash savings provide a vital source of savings for a rainy day, and we recognise that. Equally, we want to build a better investment culture in our society, so that it is not just the 8% of people who can afford financial advice who can have the opportunity of better rewards by investing in British companies and others in our economy.
Mr Peter Bedford (Mid Leicestershire) (Con)
On that point, it has been widely reported that the Chancellor is planning to slash the amount of cash that savers can save in ISAs from £20,000 to £4,000 a year. Will the Chancellor rule out this punitive measure, which will see savings drop and push even more people into income tax?
Emma Reynolds
We are committed to promoting savings and investment, as I said in an earlier answer. One measure we are looking at is the Financial Conduct Authority’s review of the advice guidance boundary. As I said in a previous answer, I do not want it just to be the 8% of people who can afford financial advice who reap the rewards of investing in our economy. We keep all taxes under review.