Amount poured into cash Isas plunges by £20BILLION in one year in further proof Osborne's personal savings allowance is killing them off
The amount of money that poured into cash Isa accounts fell by £20billion in just one year, suggesting that the tax-free accounts have fallen out of favour with savers.
According to figures from HMRC, the amount put into cash Isas fell from £58.7billion in the 2015/16 financial year to £39.2billion in 2016/17, which ran until April 2017.
The huge drop comes after then Chancellor George Osborne unveiled the personal savings allowance, which began in April 2016.
This allows basic-rate taxpayers to receive £1,000 of cash interest tax-free each year without the need of an Isa wrapper.
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