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The Labour Party government will reportedly slash ISA allowances in the upcoming Autumn Budget. Labour Party Chancellor Rachel Reeves will reportedly lower the amount Cash ISA savers can stash away tax free.

There are four main types of ISA: Cash, Stocks and Shares, Lifetime and Innovative Finance. As it stands, the annual allowance is £20,000 - but Ms Reeves could cut this in half, to £10k, according to the FT.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “If the Government decides to cut the personal savings allowance, you’ll be grateful for your ISA.

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“However, average earners with modest savings might be reasonably sure they won’t pay tax on their savings this yea

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