Plans for cash Isa changes on hold after backlash

The government's plans to reduce the annual cash Individual Savings Account (ISA) limit have been put on hold following a public backlash. Previously, there were reports that the Chancellor was considering lowering the current £20,000 limit for cash ISAs. However, after facing significant criticism, the government has decided to postpone any changes to the cash ISA system. Cash ISAs are popular savings accounts that allow individuals to earn interest on their investments tax-free. The current £20,000 annual limit has been in place since 2017 and is seen as an important tool for encouraging personal savings. The decision to maintain the existing cash ISA limit comes as a relief for savers, who were concerned about the potential impact of a reduction on their ability to grow their savings. The government's move suggests that it has taken the public's feedback into account and recognizes the importance of preserving the attractive features of cash ISAs.