The escalation of the fund managers calls Reeves to “simplify” tax savings in the United Kingdom

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Increased global fund managers to the UK Chancellor Rachel Reeves to “simplify” the tax -exempt savings system in Britain by canceling the famous ISA cash product, in the last attempt to convert more money into the stock market in London.

Blackrock, Foundelity International, Schrooders, ABRDN and some of the world’s largest banks on Wednesday to discuss how to make the UK’s financial services industry more competitive and enhance Britain’s economic growth.

One person who is familiar with the details of the meeting said that there is a discussion about the simplification of tax savings, with the aim of encouraging more individual investors to put money in stocks and stocks-a step that spent The end of independent criticism Issa But the allies of the local stocks can help.

The move comes after the Vinancial Times times revealed last month that the major city companies urged Reeves on The tax exemptions for measuring back for the ISAS cash numberThe road paves the largest raid on the savings market since the first time offering in 1999.

Reeves allies say that the counselor is interested in Lisas reforms. They are open to ideas that increase investment in UK shares. This issue comes a lot. “

Treasury officials confirmed that the meeting on 11 Downing Street included a discussion on how to enhance investment in retail in the UK economy, while “listening to ideas”.

The UK has four major ISA products, including Cash ISA – to the extent the most popular product, with approximately 300 billion pounds in the total savings. ISAS allows individuals to provide and invest up to 20,000 pounds per year free of income tax and capital gains.

The chancellor does not want to deter the savers on a small scale from “putting something aside for a rainy day,” according to her allies, but she believes that she may get better returns for their savings.

The city’s senior executives have argued that the presence of many ISA prevents people from investing, and calls for only one Jesus that people can keep stocks, shares and cash.

Fidelity International, which has $ 893 billion, will not comment on the meeting, but told FT before the gathering that it was calling on the government to create one and united ISA product.

Felletti said this would allow criticism, shares and stocks together in one account, with the aim of facilitating investment, and suggested that the cash part limit £ 4000.

“We have become a nation of savings, not investors,” said James Carter, head of the Fidelity International Products Policy in Foundelity International.

“Group, we all need to do more to educate society on risks and return. The only place where this can meet is with the government’s support for the correct goals and balance to provide the results that our society needs.”

Fidelity International estimates that the presence of one ISA product can create 6.4 million new investors – up to about 12 percent of the UK adults. The fund manager estimates that the number of consumers has money in ISA cash from ISA from stocks and stocks.

However, the idea of ​​clearing the ISA money was met with criticism of consumers and personal financing experts, as well as accusations of acquired interests. Banks generate fees by providing advice to companies about raising funds by selling stocks to institutions and individuals, while asset managers can take advantage of more money flowing to the stock boxes in the United Kingdom.

Emma Reynolds, Minister of the New City, told the House of Lords earlier this month: “Why do we have hundreds of billions of cash pounds?

Paul Thawit, CEO of Natwist, said last week that he “will encourage any review of savings and investments”, including ISAS.

“I think ISA has proven great success. They have an important role they play, but I am open to review whether how they are currently working for the purpose of savings and investment markets today.”

Reeves holds a series of meetings with the leading city personalities to develop “financial services growth and competitiveness strategy”. Financial services are one of the eight main “growth” sectors in Government industrial strategy.

A common topic for these meetings was the government’s pledge to avoid organization, including facilitating financial companies Employ the highest talent From all over the world.

Additional reports by Akila Quinho