You really don’t need me to comment on news that we’re now ‘technically’ in recession. Our Great British, collective common sense should tell us that it was inevitable, given that everything except Waitrose and the internet shut down too late and for 3 months. What next? That same common sense will tell you that there’ll be lots of job losses, but everything may revive more quickly than expected; that taxes may need to go up, but everything may revive more quickly than expected. Etc. Your investments, however, though they will always go down as well as up, are still likely to earn you a lot more than your bank account at the moment. If you hang on in there. In the words of the world’s richest investment guru, Warren Buffett: ‘When’s the right time to invest? When you have money to invest!”
“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.
