The Association of Investment Trust Companies (AITC) has conducted research which suggests that the majority of active private investors believe the best way to encourage people to save is to restore pension tax breaks and increase financial education.

Daniel Godfrey, its Director General said: ‘ISAs have been a phenomenal success story, and whilst it is disappointing to see some of their benefits being eroded, it is interesting to see that for very many active investors, the improvement of pension benefits and personal financial education is the greater concern.’