Reeves to Cut Annual Cash ISA Limit to £12,000 in UK Budget (1)

Chancellor of the Exchequer Rachel Reeves will slash the amount Britons can save in their tax-free cash ISAs each year to £12,000 in a bid to get households investing more in UK stocks.

The UK’s current £20,000 annual limit will be cut by £8,000 in Wednesday’s budget, according to a person familiar with the matter. The decision is part of Reeves’ desire to spur economic growth while raising returns for savers as she prepares unveil a package of about £30 billion ($39 billion) of tax rises and spending restraint to stabilize Britain’s public finances.

The Financial ...