Market volatility has seen 450,000 fewer people use investment ISAs but a 21% jump in the use of Cash ISAs, according to the latest figures from HMRC.

The average stocks and shares Isa fell by 13.3% during the 2019/20 tax year.

National pensions and financial advice firm LEBC has urged the Treasury to relax the deadline for savers to make ISA and pension contributions by two weeks.

Chancellor Rishi Sunak surprised many in his Budget by raising the threshold for National Insurance Contributions by nearly £1,000 from £8,632 to £9,500 although he left most income tax thresholds alone.