https://x.com/TalkTV/status/1942221881303589330?s=19 https://x.com/NormanBrennan/status/1942538613201273050?s=19
See that they’ve listened and ‘paused’ to consider further ….. “Rachel Reeves has put on hold plans to reduce the amount savers can put into tax-efficient cash Isas, after lobbying from banks, building societies and consumer groups. The chancellor had been expected to announce changes to the accounts in her Mansion House speech next Tuesday, with cuts to the £20,000 savings limit thought to be at the heart of the plans. However, building societies had argued that the money deposited by savers was vital to fund mortgages, and that slashing the limit would reduce the number of homebuyers they could help. Reeves has not dropped plans over cash Isas entirely, but ministers want more time to consult the industry, said the Financial Times, which first reported the news.”
Can anyone take this government seriously at this point? Or at any other point. This is beyond useless and embarrassing now. The Labour pattern -> make promises, all lies, u-turn, rinse, repeat.
ISAs represent a large proportion of Savings Balances in Building Societies. ‘Encouraging’ Savers to invest in the Stock Market would have the effect of cash being withdrawn from Societies, meaning that the Societies would have less cash to lend - and with cash being in short supply, Societies would invariably increase mortgage rates - borrowers would be chasing a smaller cash pool and the Societies would ‘take advantage’ of this and raise their rates (the economics of Supply & Demand): Rachel from Accounts must surely have anticipated this if they understood the Sector …..
Building Societies are Mutuals - owned by its Members (Savers and Borrowers), so not one of the Banks and certainly not Globalist. That said, I agree with your wider point
Liebour will do what the big banks tell her not the building societies, have you seen the bank of Dave series that exposes what a racket it is trying to set one up ?
