Maike Currie, vice president of personal finance at PensionBee, said: “Despite repeated warnings, the Chancellor has proceeded with plans to tinker with the Cash ISA, adding needless complexity to a product that is well-understood, liked and works.
“The annual allowance will drop from £20k to £12k for Cash ISAs, stating that the £8k must be invested in stocks and shares, while over-65s keep the full Cash ISA allowance.
“This over-engineering may keep older voters happy but it won’t fix Britain’s investment problem and risks penalising those who most need help building long-term wealth like women, who hold more in Cash ISAs than their male counterparts.
“There are smarter ways to encourage saving and investing than complicating a product people already understand and value.”
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