Savings warning as millions of Britons face losing £2,700 to inflation | Personal Finance | Finance
He also called on the Government to increase the £20,000 annual ISA allowance. Mr Harrison said: “The Government needs to take its foot off the brake for savers and raise the £20,000 annual ISA limit, which has been frozen since 2017.
“Having experienced such high inflation, it’s time to increase it again and provide a welcome boost for savers.”
Figures from the Financial Conduct Authority suggest there are £86billion of savings that have lost value by more than £8.6billion since the first quarter of 2022.
One way younger savers can boost their ISA savings before the end of the tax year by £1,000 is with a Lifetime ISA.
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