Thursday 26 July 2018 / 11:42 AM Economy / Jonathan Reynolds

Government’s Lifetime ISA part of wider savings scandal

Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, in response to the Treasury Select Committee’s calls for the Lifetime ISA to be abolished today, said:

“Too many people are blighted by low wages, in-work poverty and cycles of debt, making it virtually impossible for them to save.

“Put simply, if you have no spare cash to live on day to day, you certainly have no spare cash to save for the future.

“Labour have consistently urged the Government to address the scandal of low retirement savings for the less well-off and we have raised concerns about the Government’s Lifetime ISA from day one.

“The next Labour government will lift living standards and tackle the persistent debt spiral that many working families have become trapped in by introducing a cap on credit card debt interest payments, amongst other measures.”