The SNP has hit out at plans to increase taxes on savings in the next Budget. 

In the run-up to Labour Chancellor Rachel Reeves’s Spring Statement later this month, a raft of leaks have not only hinted at swingeing cuts to social security to build a war economy, but also plans to lower the tax-free threshold on ISAs from £20,000 to £4,000.

Citing research they commissioned from the House of Commons Library showing 1.2 million adults in Scotland hold an ISA, the SNP claim, assuming 5 per cent interest, the move could cost savers lucky enough to have deposits of £16,000 up to £5,132 over the next five years.