Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of increasing the Lifetime ISA cap in line with increases in house prices since April 2017.

The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.

If you are referring to the Lifetime ISA property price cap, the Government currently remains of the view that the Lifetime ISA property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder.

Data from the latest UK House Price Index demonstrates that the average price paid by first-time buyers is below the LISA property price cap in all regions of the UK.

The Government keeps all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.