It’s not a big step from the imposition of a minimum interest rate to the recently-much-discussed idea of providing a the same, State-paid tax-free salary for everyone; from Elton John and David Beckham to their chambermaids’ unemployed younger brothers (see Utopia for Realists). The minimum interest rate would of course, become the new norm and the cost of borrowing would rise accordingly. The salary for all would, similarly, push up the prices of everything and ultimately be as disastrous as the ‘printing more money’ solution to economic problems tried by many, from Weimar Germany to Mugabe to Venezuela. Nice ideas, though.
“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.
