A group of MPs has written to the Chancellor of the Exchequer, calling on the Government to maintain the cash ISA limit. The move comes as inflation continues to rise, making cash ISAs an attractive option for savers seeking safe havens for their money. The MPs, who are members of the All-Party Parliamentary Group on Savings and Assets, argue that reducing the cash ISA limit would harm savers and undermine the Government's efforts to encourage saving. The current cash ISA limit is £20,000, and the MPs are urging the Government to keep it unchanged. They also highlight the importance of cash ISAs in providing a 'safety net' for savers, particularly during times of economic uncertainty. The move has been welcomed by Martin Lewis, the founder of Money Saving Expert, who has been a vocal advocate for maintaining the cash ISA limit. 'This is a common-sense decision that will help protect savers from the impact of inflation,' Lewis said. 'We urge the Government to listen to the concerns of MPs and maintain the cash ISA limit.'
The Government has been under pressure to reduce the cash ISA limit as part of its efforts to reduce tax reliefs. However, the move has been met with resistance from MPs and savers, who argue that it would harm those who rely on cash ISAs as a safe haven for their money. The All-Party Parliamentary Group on Savings and Assets has been campaigning for the Government to maintain the cash ISA limit, and the MPs' letter is seen as a significant boost to their efforts. 'We are pleased that MPs are taking a stand to protect savers,' said a spokesperson for the group. 'We urge the Government to listen to their concerns and maintain the cash ISA limit.'