ISAs have failed, says think tank

Over half of households in the UK have poor savings levels and 50% of low-to-middle earner families have less than one month's income saved, the Institute for Public Policy Research (IPPR) said. The IPPR said the government must scrap ISAs and create "Lifetime Bonus Savings Accounts" to help lower earners save, after the Treasury hinted at future support for workplace ISAs. The government should pay annual bonuses into these accounts on a sliding scale dependent on the average balance in the account over the past three years, the think tank proposes. In its latest report, Designing...