Economic Secretary to give evidence on Lifetime ISA as inquiry nears conclusion
The Economic Secretary to the Treasury, Emma Reynolds MP, will appear in front of MPs to give evidence on the future of the Lifetime ISA (LISA) next Wednesday.
Meeting details
The session is likely to be the final oral hearing of the inquiry. It follows a split panel session in February with prominent voices such as Martin Lewis, Moneybox and others.
The LISA was first announced by the then-Chancellor, Rt Hon George Osborne, in 2016. It allows first-time buyers and those saving for retirement to benefit from a tax-free savings account which the Government then tops up with a bonus of 25% (up to a limit of £1,000 a tax year). However, since its introduction the product has faced criticism.
In her recent public intervention regarding the LISA, Emma Reynolds wasn’t drawn on the future of the product but confirmed the Government keeps all aspects of savings tax policy under review.
The Committee will be seeking clarity on the current Government’s view, particularly in relation to issues raised with the LISA over the course of the inquiry. These are likely to include the property price cap, withdrawal charge and its usefulness as a pension product.