Members of the public have been left furious at a proposed money grab from Chancellor Rachel Reeves and outgoing Prime Minister, Sir Keir Starmer. The plan would see the amount of money saved in an ISA reduced. The Stocks and Shares account will be taxed at 22% meaning those who are saving into the accounts will see more than a fifth of their tax-free savings per annum wiped.

Reaction to the announcement has been mostly negative as people fume at the upcoming ISA change and also recent amendments made to how much the under 65s can save into their other Cash ISA accounts.

One person fumed: "Work? Taxed to oblivion Sell? Taxed to oblivion Buy? Taxed to oblivion Die? Taxed to oblivion And now… save? Taxed to oblivion There is no point doing the right thing any more in the UK."

Another added: "We’re being led by horrific, spiteful morons. Labour has announced that, from April 2027, interest on cash in Stocks and Shares ISAs will be taxed at 22%, and under-65s will only be able to put £12,000 a year in a cash Isa, down from £20,000.

"The more I think about this the angrier I get - work your a*** off to give loads of it away in tax. Do the responsible thing, save up - just to give loads of it away in tax. And what do you get to show for it? Just more people with their hand out, demanding more money from you."

A third fumed: "I told you, the looters are coming after everything: Your income. Your savings. Your business. Your future. Your kids' future. Your ambition. Your happiness. Your soul."

An ISA reform is expected as of April 2027. Government guidance reads: "The new cash ISA limit for those under 65 will be £12,000. The limits for Innovative Finance ISAs, LISAs and Stocks and Shares ISAs will remain the same.

"Investors will still be able to hold cash in a non Cash ISA, but any interest paid on the cash holding in a non Cash ISA will be subject to 22% charge."