AJ Bell boss: Rachel Reeves ISA reforms ‘doomed to fail’
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AJ Bell CEO Michael Summersgill criticized Chancellor Rachel Reeves' proposed ISA reforms, claiming they are "doomed to fail". The plans to reduce cash ISA limits from £20,000 to £12,000 and ban transfers from stocks and shares ISAs to cash are seen as detrimental to long-term investment. Summersgill argues that these changes will push investors towards cash alternatives rather than encouraging investment, potentially missing out on £60 billion in opportunities. He emphasizes the lack of proper consultation and evidence supporting the reforms, which he believes complicate the investment landscape.
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