Lawrence Chan, head of savings at Nottingham Building Society, welcomed the possible decision, saying Cash ISAs offer people a familiar way to save for a house deposit, unexpected costs or greater financial security.
He said: “People should have the confidence to choose the saving or investment option that works for them based on their own circumstances and plans.
“Encouraging people to consider investing for the longer term matters but reducing the Cash ISA allowance would not have been the right way to do it.”
Mr Chan stressed that cash savings and investments serve different purposes and said households need “clarity, stability and enough time to make decisions with confidence”.
He added: “For building societies, members’ savings help fund mortgages for people buying homes in the communities we serve.
“Keeping the current allowance would protect a popular way to save while helping maintain the deposits that support lending, including for first-time buyers.”
More to follow..