Fund managers call on Rachel Reeves to ‘simplify’ UK tax-free savings

Open the Editor’s Marking Free

Rulla Khalaf, the FT editor, chooses its preferred stories in this week’s news.

Global Fund managers have called British Chancellor Rachel Riviner to “simplify” Britain’s free-time-saving regime, smashing popular cash products, trying to work more on the London Stock Exchange.

The senior leaders of the international, schroders, loyalty to the world, and the world’s largest worldwide, have met how to make the British financial services industry more competitive and promote Britain’s economic growth.

The details of the meeting said that he was discussing taxes to release taxes, aimed to encourage more individual investors to the sum of shares and shares, a step that would make. self-cash finish is ISA But it can help zincly internal shares.

Reeves’ Allies say the Chancellor is interested in ISA reforms. “He is open to ideas that increase investments in British shares. This question arises a lot. “

Treasurer’s officials confirmed that the meeting on 11 Deming Street discusses how to increase retail investment in the British economy, Reeves “listens to ideas.”

The United Kingdom has four main ISA products, including cash-in ISA, the most popular product for total savings for almost 300 billion pounds. ISAS allows individuals to keep the year and invested up to £ 20,000 in income and capital profits tax.

Chancellor does not want to restrain small-scale savings “Putting something on a rainy day” according to his allies, but he thinks they can return to their savings.

Senior city leaders claim that many ISAs are investing people to invest, calling only one ISA.

VIDELITITIT INTERNATIONAL, which has $ 893 billion in the assets of management, will not comment on the meeting, but before the collection, it was said that the government calls for the government to create a united ISA product.

Loyalty says it will allow cash, shares and shares to one score to make it easier to make investments, and suggested that the cash register will be limited to 4000 pounds.

“We have become a nation of savings or investors,” said James Carter, the head of the Fidelity International Platform Product Policy.

“Collectively, we all need to do more so that society is risk and return. The only place that can unite is with the government, which supports the right goals and balance to give the necessary results for our society’s needs. “

Fidelity International’s international assessments, having a single ISA product can create 6.4 billion new investors, making up about 12 percent of the largest adults in the UK. The Foundation manager estimates that twice as many consumers keep money in ISA than Shares and Shares ISA.

However, the idea of ​​breaking the ISA of Cash has met criticism of consumers and personal finance experts, as well as the accusations of reserved interests. Banks cause payments to raise money by consulting companies, selling shares in institutions and individuals, while asset leaders can use British joint stock funds.

At the beginning of this year, the Lord’s new Minister Emma Reynolds told about a Chamber of the Committee of Lords earlier this month. We were unable to introduce an investment culture. “

Last week, the CEO of Natuges Poghos Yerani said that he would “encourage any review of savings and investments”, including ISAs.

“I think ISA has proved very successful. A number of a number of themselves play an important role to play, but I am open to reviewing how they are currently operating for today’s savings and investment markets. “

Reeves are holding a number of meetings with leading city figures to “growth and competitiveness strategy” of financial services. Financial services are from eight major “growth” areas found The government’s industrial strategyA number

The general topic of these meetings has been the government’s promise to clean the regulations, including making it easier for financial enterprises recruit the best talent from all over the world.

Additional report by Akila Quinio