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Rachel Reeves has slashed the cash ISA allowance to £12,000 in her Labour Party Budget. Previously, people could save up to £20,000 tax-free, either in a cash ISA or a stocks-and-shares ISA.

But the former will now be cut back. The chancellor announced on Wednesday: "The UK has some of the lowest levels of retail investment in the G7. And that is not only bad for businesses, who need that investment to grow, it's bad for savers too.

"Someone who's invested £1,000 in an average stocks and shares ISA every year since 1999 would be £50,000 better off today than if they'd put the same money into a cash ISA."

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But the change is ONLY if you're 65 or under. Announcing the changes, she says: "

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