Trading platform IG Group backs Reeves on cash ISA curbs

Michael Healy, a senior IG executive, has told the chancellor that cash ISAs should be phased out altogether, saying they "have become too popular relative to their economic utility" in a letter seen by Sky News.

The obvious response to this is: Well they would say that, wouldn't they.

Money locked up in savings ISAs means less money available for gambling on the stock market which is why many 'trading platforms' don't like ISAs.

Maybe if Mr Healy had mentioned that ISA money could be used to buy Gold or Bitcoin then it might have seemed less like a plug for his own business model.

While it remains important that retail investors are able to support IPOs, why should they support institutionalized gambling after a company has got vital growth capital via an IPO?

But without buyers there can be no sellers making a profit and trading platforms creaming off their commissions on every deal.