UK Chancellor John Healey will abandon a proposal to cut the Cash ISA annual allowance from £20,000 to £12,000, the Financial Times reports. People familiar with the matter said Healey concluded using tax breaks reductions to push savers into equities would be the wrong approach; the cut had been proposed by his predecessor Reeves to steer funds toward UK businesses. Healey is expected to say in Wednesday’s budget he will promote stock investing and its benefits to savers rather than reducing ta

UK Chancellor John Healey will abandon a proposal to cut the Cash ISA annual allowance from £20,000 to £12,000, the Financial Times reports. People familiar with the matter said Healey concluded using tax breaks reductions to push savers into equities would be the wrong approach; the cut had been proposed by his predecessor Reeves to steer funds toward UK businesses. Healey is expected to say in Wednesday’s budget he will promote stock investing and its benefits to savers rather than reducing tax relief on savings. Cash ISAs are the UK’s most popular savings vehicle and ISAs are exempt from interest tax, capital gains tax and income tax.