Chancellor reverses Isa allowance cut in first budget
Summarised from 3 outlets · 8 reports · Updated 28 Oct, 14:38 · Archive
Chancellor John Healey has reversed a cut to the annual Isa savings allowance announced by his predecessor.
Chancellor John Healey has announced a U-turn on Isa allowance changes made by his predecessor Rachel Reeves. The previous government had announced plans to cut the annual Isa allowance from £20,000 to £12,000 for savers aged under 65, set to come into effect in April 2027. The cut was widely criticised for impacting what was seen as a well-understood and well-liked savings product.
Reeves had introduced the cut as part of the autumn budget, arguing it would encourage investment in the stock market. However, critics suggested the policy was unlikely to tempt savers to put money into riskier investments.
The budget, announced on 28 October under Prime Minister Andy Burnham, also featured the removal of standing charges on gas bills for 23 million households. This measure will not extend to Northern Ireland.
How it is being reported
- Budget 2026: What the Chancellor's plans mean for people in Northern Ireland - from home heating oil to petrol pricesCuts to tariffs on home heating oil are among measures the government has set out to help Northern Ireland in its 2026 Budget – with more cash on the way to Stormont to help cut rates for struggling businesses.News Letter · 28 Oct, 15:06
- Budget at a glance: What has John Healey announced?Belfast Telegraph · 28 Oct, 13:59
- Budget Live: Chancellor John Healey promises support for ‘working people’Belfast Telegraph · 28 Oct, 12:57
- UK Budget LIVE updates as Chancellor John Healey set to reverse Isa allowance changesChancellor John Healey will unveil the budget at around 12.30pmBelfast Live · 28 Oct, 12:15
- Budget 2026: John Healey announces £100 energy payment for households, minimum wage rise, and £7.5m for AI and cyber in BelfastScroll down for live updates from today’s announcement, and what it means for Northern IrelandBelfast Telegraph · 28 Oct, 11:31
- Budget 2026: What’s announced by John Healey and what it means for Northern IrelandScroll down for live updates from today’s announcementBelfast Telegraph · 28 Oct, 11:31
- Budget 2026: £100 energy payment for households, help for first-time buyers, minimum wage rise, and £7.5m for AI and cyber in BelfastScroll down for live updates from today’s announcement, and what it means for Northern IrelandBelfast Telegraph · 28 Oct, 11:31
- Budget 2026: £100 energy payment, heating oil tariff suspended, first-time buyer help, minimum wage rise, and £7.5m for AI and cyber in BelfastScroll down for live updates from today’s announcement, and what it means for Northern IrelandBelfast Telegraph · 28 Oct, 11:31
In this story: John Healey · Rachel Reeves · Andy Burnham · Northern Ireland
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log
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