Reeves’s plan to cut cash Isa limit could raise mortgage rates, say finance bosses

Building societies fear consumers will be put off from saving if chancellor’s budget announces a 40% reduction

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Rachel Reeves’s plan to slash the annual cash Isa limit by 40% could lead to higher mortgage rates and deter consumers from saving, finance bosses have said.

The chancellor is expected to cut the maximum amount people can put into tax-efficient cash individual savings accounts from £20,000 a year to £12,000 in Wednesday’s budget.

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