The dilemma of free market vs nanny regulator is at the root of many financial scandals and scams. Personal pensions and the property boom in the Maggie’s era gave us mortgage endowments and the first pension transfer debacle in the ‘90s. The more recent pension freedoms led to yet another, headlined by British Steel debacle. Neil Woodford was supporting start-up businesses rather than investing in blue chips as assumed and no-one, especially the regulator, realised in time. Peer-to-Peer lending was encouraged as a way to get struggling businesses out of austerity. Which made it the latest financial Wild West, a mantle now assumed by CryptoCurrencies. Will it all still be happening in thirty years time. Of course it will.
“Reeves backs down on plans to cut ISA limit”
So it looks as though Cash ISAs are safe for the moment (FTM – is that a thing?) Rachel has apparently ‘bowed to pressure’ from the banks and building societies and decided not to reduce the allowance to £4,000 for cash and to keep the £20,000 parity with Stocks and Shares ISAs. Bowed also to common sense, I’d say.
