As warnings about an impending stock market 'correction' swell, Rachel Reeves once again flies a kite about halving Cash ISA's allowance, to 'encourage' savers to move funds into the stock market...
As the saying goes, 'every market requires a fool' when people want to cash out & Reeves is setting up the public to buy the shares investors want to shed in light of the likely stock market turmoil.
She is not on our side, she's in the pocket of the investment bankers!
She seems to just be focussing on how she can encourage more people to be exposed to risk via the stick market, as if precarious employment & austerity weren't enough risk for many
"Gilts" are government bonds, right? I can't see RR objecting to more money being diverted towards those.
@only_ohm @ChrisMayLA6 Buying gilts doesn't add to risk-taking in the stock market which is apparently what she's aiming at.
(Assuming that you stick to short dated gilts you're essentially doing the same thing as a fixed term building society deposit, except that you can get you money out whenever you like. Long dated gilts not held to redemption have risk, FTAOD.)
That's what she *says* she's aiming at; but more broadly, Reeves' entire project is "shore up the bond markets even if you have to trash the real economy to do it", so I wouldn't be surprised if that's what she's actually trying to do with this initiative.
@ChrisMayLA6 I didn't say it was a sensible or achievable project.
Yes, does sound like a good work around & one I'm actively considering right now... on Reeves, 'wasting her time' sounds about it
I have a cash ISA.I have not added to the initial lump sum (£10k). It's in a credit union account. It assists other people in the credit union. Leave it alone.
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