Summary
Rachel Reeves, the UK Chancellor, urged the financial industry to change its "negative" view on savers investing in stocks and shares, aiming to help boost the economy. She announced new plans to assist investors and hinted at possible future changes to Individual Savings Accounts (ISAs), aiming to encourage more people to invest their savings instead of just keeping them in cash accounts.
Key Facts
- Rachel Reeves is the UK Chancellor of the Exchequer.
- She wants to change the negative perception surrounding investing in stocks and shares.
- The government will work with the Financial Conduct Authority to offer new support to potential investors.
- Reeves decided against reducing the tax-free limit on cash ISAs after objections from lenders.
- The UK economy shrank in May, following a contraction in April.
- There are concerns about possible tax increases in the upcoming Budget.
- Reeves aims to boost retail investment so savers benefit from UK economic growth.
- In the past, UK governments have encouraged public investment in company shares, like during the privatization of British Gas in 1986.
