The UK Isa was a political gimmick that was doomed to fail in its objective of boosting investment in UK plc. The new government deserves huge credit for consigning this ill-conceived idea to the policy dustbin and will hopefully now take a more sensible, long-term approach to Isa reform than their predecessors, focused on simplification for the benefit of consumers.
The proposal aimed to address worries about the valuation gap between UK and US-listed companies and the relatively low level of retail investment in equities on the London Stock Exchange.
Reports of the government's decision to scrap the policy were first published by the Financial Times.
Leading DIY investment platforms, including AJ Bell and Hargreaves Lansdown, voiced concerns that the 'British Isa' could deter potential investors from using Isas due to its added complexity.
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