Sir Alan Campbell

Sir Alan Campbell

Labour — Tynemouth

Speaking in the House of Commons on 25 June 2026

Debate

Business of the House

Contribution

The reality of the situation is simple, and I am surprised that the right hon. Gentleman does not understand it. The new cash ISA limit, introduced by the Chancellor at the Budget in 2025, will encourage retail investment and drive better returns for savers. We are confident that we have struck the right balance between supporting normal investor behaviour and preventing routes that replicate a higher cash ISA allowance in stocks-and-shares ISAs and innovative finance ISAs. The new charge is aimed at deterring the long-term holding of cash in ISAs that should be used for investment. We have designed the rules to be as simple as possible, in order to maintain maximum flexibility for savers and ensure that an investment portfolio works for them. Normal investor behaviour, such as holding cash in a non-cash ISA prior to investment, will not be prevented by the introduction of the tax changes.

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