UK's Healey to reverse cuts to cash ISA allowances, FT reports

Oct 27 (Reuters) - British finance minister John Healey is to use his Wednesday budget to scrap plans to slash the annual cash Individual Savings Account (ISA) allowance from £20,000 ($26,626.00) to £12,000, the Financial Times reported on Tuesday.

Healey had decided to reverse the cut to the ISA allowance, which had been announced by his predecessor Rachel Reeves in an attempt to funnel cash into UK companies, the report said, citing people familiar with the matter.

Reuters could not immediately verify the report.

($1 = 0.7511 pounds)

(Reporting by Mrinmay Dey in Mexico City; Editing by Nia Williams)