Investment platforms rejoice as Labour looks to scrap GB ISA plans

An 'ill-conceived idea'

UK retail investment platforms have celebrated reports that the Labour government is looking to scrap plans for the Great British ISA.

According to the FT, Labour is planning to abandon the current GB ISA campaign, a U-turn on its election pledge when a party spokesperson said there were "no plans to drop the British ISA". The GB ISA was a headline policy of the former government's Spring Budget, and was proposed as a way to boost retail investment in the UK market, with account holders given an additional £5,000 a year to invest solely in UK companies. This would have been in addition to the current annual ISA allowance of £20,000. 'Helpful change' or 'political stunt'?: The debate on the Great British ISA and wh...