The ISA con

So here we have it. Finally a government organisation points out what many of us have known, that the banks are just using the tax break on ISA's for their own benefit, not ours.

Bait rates disappear, as soon - with 3% inflation almost double any interest rates your likely to end up with, will your money.

I can't help but wonder if other tax breaks, like those for pensions don't create the same distortions.

The tax breaks for savers have become tax funded subsidies for the finance industry.

There's something very wrong about that. I can't help thinking that lower general tax rates and less market distortion would be a good thing. If we want to use the tax system to change behaviour how about taxing debt instead ?