It’s not a big step from the imposition of a minimum interest rate to the recently-much-discussed idea of providing a the same, State-paid tax-free salary for everyone; from Elton John and David Beckham to their chambermaids’ unemployed younger brothers (see Utopia for Realists). The minimum interest rate would of course, become the new norm and the cost of borrowing would rise accordingly. The salary for all would, similarly, push up the prices of everything and ultimately be as disastrous as the ‘printing more money’ solution to economic problems tried by many, from Weimar Germany to Mugabe to Venezuela. Nice ideas, though.
“MPs call for abolition of Lifetime ISA”
My view on the Lifetime ISA has always been that a) it’s too complicated b) there are other less complicated ways of doing the same thing and c) a future Chancellor will ditch it. Not sure how soon a ‘future Chancellor’ will arrive but, for once looks like I may have...