Business of the House

Robert Jenrick Excerpts

Thursday 25th June 2026 Commons Chamber

[Sir Alan Campbell]

I am sure that this matter is of real concern to my hon. Friend’s constituents, and she knows the Government’s position on fire and rehire. She will know that we are committed to funding SEND properly, but if there are instances where that is having a real detrimental effect on an area, I can arrange for a meeting with the relevant Minister for her.

[Robert Jenrick (Newark) (Reform)]

Tax-free individual savings accounts are tax-free; it is a very simple principle. ISAs have existed for 30 years, and 22 million people in our country invest their savings in them; that is 40% of the adult population. As the Chancellor’s final act, she has decided to slap a 22% tax on cash in stocks-and-shares ISAs. Is there nothing that she does not want to tax? Does the Chancellor intend to come to Parliament and account for her actions? Can we have a debate on this decision, in the name of the 22 million savers in this country who are being let down?

[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.