MPs call for abolition of Lifetime Isa

Alan Lakey, director of CIExpert and Highclere Financial Services, agreed the savings space was too complex and said the government could introduce a "simple to understand savings plan that can be accessed early but recognises longer term savings with some additional bonus."

He said: "One problem has been the constant change that has taken place - removal of child trust fund, introduction of Junior Isas,  adjustment of Isa allowances, introduction of first £1,000 interest being tax-free, introduction of Help to Buy Isa -  for most people it is all too confusing and they have to rethink strategies.

"On the basis that simplicity works it would be far better to have just the one Isa."