Building society bosses name on the Chancellor to rule out cuts to money Isas after she delays reforms

Building society bosses are calling on the Chancellor to rule out cuts to cash Isas after she delayed her reforms.

Rachel Reeves was considering reducing how much can be saved – possibly from £20,000 a year to just £4,000.But it is thought any change will be announced in the autumn Budget, not in this month’s mini-Budget. 

Building societies are urging the Chancellor, who wants more savers to invest in shares, to rule out cash Isa cuts, which they say will mean pricier mortgages.

They have been backed by the Mail’s Hands off our cash Isas campaign on behalf of savers who have nearly £300billion in accounts.  Richard Fearon, chief executive of Leeds Building Society, said: ‘Our members have voiced their opposition. 

‘Reducing the amount which can be saved now or in future would have significant effects.’

Harriet Guevara, chief savings officer at Nottingham Building Society, said: ‘Cash Isas are a vital tool that help people plan for key life moments. We believe the allowance should stay as is.’

Cash strapped: Chancellor Rachel Reeves (pictured) was considering reducing how much can be saved with cash Isa cuts – possibly from £20,000 a year to just £4,000