Ritchie reads a report from the Resolution Foundation:
It seems that I am not alone in worrying about the tax relief on savings, on which I commented last week. Now the Resolution Foundation has looked at the tax relief on ISAs alone
The report makes much of the importance of cash savings. The effects on household financial resilience and so on. And makes the point that the UK has low, by G7 standards, levels of such savings. They think this is a bad thing.
So why, when cash saving does little for the economy, is money being so poorly targeted in this way?
The time for ISAs to either be given a social purpose linked to the Green New Deal or to be abolished has arrived.
Report which bemoans the shortage of cash savings is taken as proof of the necessity of abolishing cash savings.
Well done that man.