The Spring Statement confirmed that the government is ‘looking at options for reforms to individual savings accounts (ISAs) to that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission’.

Currently the majority of savers put their money into regular ISAs, rather than stocks and shares ISA, which the chancellor wants to change to help drive her growth objectives.

The likelihood is that the annual £20,000 allowance for standards ISAs will be reduced, perhaps to as low as £4,000 to encourage regular savers to invest in the risker stocks and shares ISAs.

But there are concerns that the move will detract people from savings, as they will be loathe to take on the additional risk.