The new chancellor is correct; Hunt's version of the Brit Isa was a muddle, complicating the process rather than presenting an effective means to boost UK investment.
The Brit Isa, proposed by Hunt, offered a complicated structure that aimed to provide a £5,000 tax-free top-up for investment solely in UK shares, but was impractical.
This top-up would only be relevant for wealthy savers already maxing their existing ISA limits, and its overall impact on the UK stock market would be minimal.
There needs to be a more radical approach if the goal is to genuinely increase investment flows into UK companies, rather than simply rearranging existing funds.
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