Beale believes the move would make ISAs simpler and less confusing for UK savers:
“In the current climate of depressed rates, the need for a flexible and supportive savings regime has arguably never been greater. As an industry we need to demonstrate support for hard pressed savers, and making ISAs more straightforward may encourage more people to make the most of their tax-efficient ISA allowance.
The Chancellor holds the power to reinvigorate the UK’s savings culture in his hands. The industry needs to reward those who prepare for their future, whilst recognising the changing demands of the present. It’s the right thing to do.”