Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) ISA providers and (b) other financial industry stakeholders on the Lifetime ISA property price cap.

The Government recently consulted on the implementation of the First Time Buyer ISA and engaged with ISA providers, trade bodies and other financial services stakeholders as part of that process. Stakeholders raised a range of issues, including the property price cap. The consultation closed on 18 August, and we are carefully considering the responses received.

Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the Lifetime ISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.

The Government keeps all aspects of savings tax policy under review.