Approximately 27 million adults in the UK now home their savings in an ISA, holding a total value of £687bn.

Jeremy Hunt sounded confident when announcing this at the Budget, telling MPs: ‘I will introduce a brand new British ISA which will allow an additional £5,000 annual investment for investments in UK equity with all the tax advantages of other ISAs.

‘This will be on top of the existing ISA allowances and ensure that British savers can benefit from the growth of the most promising UK businesses as well as supporting them with the capital to help them expand.’

Government is consulting on the details of this new ‘British ISA’ until 6 June 2024. There is no date at which the ISA will become available along with the four current ISAs adults can pay into.

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