Commentator Clare Muldoon has launched a scathing attack on Labour Chancellor Rachel Reeves' potential plans to scale back Cash ISAs, calling the move "abhorrent."
Speaking to GB News, Muldoon expressed grave concerns about the impact on pensioners, who she says have "worked hard" and "paid tax" throughout their lives.
Reeves is reportedly open to proposals that include significantly reducing or axing the annual £20,000 Cash ISA tax-free allowance.
"People who are retired are the ones that have worked, paid tax, put things away, have less debt than anyone else," Muldoon told GB News.
The Chancellor has been lobbied by City firms in recent weeks to redirect nearly £300billion currently held in Cash ISAs into the stock market.
However, Labour faces mounting pressure over its treatment of older citizens, with Muldoon fuming that the move would be "abhorrent" on top of winter fuel cuts already in place for pensioners.
Discussing the proposed raid on GB News, Muldoon warned that Labour's changes would force Britons into "very risky" investment strategies.
"Why on earth when they've worked hard should their cash ISAs that are traditionally low risk" be changed, she questioned.
LATEST DEVELOPMENTS:
She highlighted that most retirees prefer low-risk investments "because they don't have time on their hands to manage things."
Muldoon pointed to the significant scale of Cash ISA usage, noting that "12 million cash ISAs are taken out a year."
She suggested Labour's targeting of ISAs was financially motivated: "I can see why she has got her eye on it."
Major financial institutions have argued that the funds would generate better returns and support Labour's growth agenda if moved into riskier equity investments.
City Minister Emma Reynolds has already expressed concern that "hundreds of billions of pounds are sitting in Cash ISAs rather than being funnelled into the stock market."
Andy Briggs of Phoenix Group is among those pushing for change, stating: "The state should not be giving a tax break for us all to park our money in cash."
The Building Societies Association reports that almost half of Cash ISAs are held by people earning less than £20,000 annually.
The average savings balance in Cash ISAs stands at just under £13,400.
Find Out More...
Speaking to GB News, Muldoon expressed grave concerns about the impact on pensioners, who she says have "worked hard" and "paid tax" throughout their lives.
Reeves is reportedly open to proposals that include significantly reducing or axing the annual £20,000 Cash ISA tax-free allowance.
"People who are retired are the ones that have worked, paid tax, put things away, have less debt than anyone else," Muldoon told GB News.
The Chancellor has been lobbied by City firms in recent weeks to redirect nearly £300billion currently held in Cash ISAs into the stock market.
However, Labour faces mounting pressure over its treatment of older citizens, with Muldoon fuming that the move would be "abhorrent" on top of winter fuel cuts already in place for pensioners.
Discussing the proposed raid on GB News, Muldoon warned that Labour's changes would force Britons into "very risky" investment strategies.
"Why on earth when they've worked hard should their cash ISAs that are traditionally low risk" be changed, she questioned.
LATEST DEVELOPMENTS:
- Tax-free cash Isas under threat from Rachel Reeves as pensioners warned to expect 'greater shock'
- REVEALED: How much YOU could lose if Reeves slashes tax relief on ISAs – pensioners MOST at risk
- ISAs explained: A deep dive into tax-free savings amid calls for reform
She highlighted that most retirees prefer low-risk investments "because they don't have time on their hands to manage things."
Muldoon pointed to the significant scale of Cash ISA usage, noting that "12 million cash ISAs are taken out a year."
She suggested Labour's targeting of ISAs was financially motivated: "I can see why she has got her eye on it."
Major financial institutions have argued that the funds would generate better returns and support Labour's growth agenda if moved into riskier equity investments.
City Minister Emma Reynolds has already expressed concern that "hundreds of billions of pounds are sitting in Cash ISAs rather than being funnelled into the stock market."
Andy Briggs of Phoenix Group is among those pushing for change, stating: "The state should not be giving a tax break for us all to park our money in cash."
The Building Societies Association reports that almost half of Cash ISAs are held by people earning less than £20,000 annually.
The average savings balance in Cash ISAs stands at just under £13,400.
Find Out More...