Financial expert Martin Lewis has publicly defended himself against what he describes as a "bizarre attack" following controversial changes to Cash ISA allowances announced in the Autumn Budget.
Budget changes spark savers' concerns
During Wednesday's Autumn Budget on November 26, Chancellor Rachel Reeves confirmed significant reductions to Cash ISA limits that will affect millions of savers across the UK. The tax-free allowance will be slashed from £20,000 to £12,000, with the changes taking effect from April 1, 2026.
This substantial reduction has been viewed as a major blow to savers who rely on Cash ISAs to build financial security for their later years. The announcement has triggered widespread concern among those who use these accounts as a key part of their long-term savings strategy.
Unexpected backlash against money guru
In a surprising turn of events, Martin Lewis found himself at the centre of criticism following the budget announcement. The MoneySavingExpert.com founder revealed he had been "attacked" online by individuals claiming he was responsible for the controversial policy change.
Taking to social media platform X to address the accusations, Lewis stated: "Bizarrely I'm being attacked by a few for the cut in the cash ISA limit, even though I've been one of the people leading the charge AGAINST."
The financial journalist explained that the misunderstanding may have arisen from his efforts to secure protections for older savers within the new policy framework.
Lewis's position and alternative proposals
Contrary to the accusations, Lewis emphasised his consistent opposition to reducing Cash ISA limits. He described the government's approach as "the wrong solution to the right problem", acknowledging the issue of under-investment among UK residents, particularly younger people.
Rather than implementing cuts, Lewis advocated for alternative measures including better financial education, improved access to guidance, and investment incentives. He revealed he had presented these arguments during multiple government meetings over the past year, provided evidence to the Treasury Committee, and publicly voiced his opposition to reducing the allowance.
When it became apparent that the policy change was inevitable, Lewis shifted his focus to securing exemptions for older savers. He argued that reducing limits for those over 65 made little sense, as many in this demographic need to adopt more risk-averse financial strategies.
The final policy reflected this input, with the reduced limit applying only to those under 65 years old.
Public reaction and support
Many supporters rallied behind Lewis following his explanation. One commentator noted: "Quite, and if younger people really can afford to save more than £12,000 per year, they should really be considering a stocks and shares ISA for some of their savings that have a longer term objective."
Another supporter added: "People criticising this because it negatively affects 'the young' don't understand that young people are not saving up to £20,000 in a cash ISA. They don't have up to £20,000 to save. It's the 40-65 age bracket that has been affected."
The debate highlights ongoing concerns about savings policy and intergenerational financial planning in the UK, with the Cash ISA changes set to reshape how Britons approach tax-efficient saving from April 2026.
