City executives spoke to Rachel Reeves about reducing annual allowance from current £20,000, reports say

Major savings providers have pledged to fight any attempts to cut tax breaks on cash Isas amid reports that the government is considering a plan to slash the maximum amount people can put into them from £20,000 a year to £4,000.

In recent weeks a row has broken out over whether ministers should scale back tax breaks on the popular savings accounts. The chancellor, Rachel Reeves, is being lobbied by some fund managers to put more focus on the riskier practice of investing in the stock market as a way of boosting economic growth.

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Source: https://www.theguardian.com/money/2025/feb/20/savings-providers-vow-to-fight-any-attempt-to-cut-cash-isa-limit