Rachel Reeves is facing pushback from some major investment platforms on a proposal to revamp individual savings accounts, a setback for the UK Chancellor less than two weeks ahead of her budget.
The Treasury asked retail investing firms in recent weeks to come up with a voluntary commitment for a minimum allocation to British stocks, according to people with knowledge of the talks. Providers catering to mom-and-pop investors include Hargreaves Lansdown Ltd., AJ Bell Plc, Aberdeen Group Plc’s Interactive Investor, Fidelity International, Vanguard Group Inc. and Quilter Plc.