Co-op’s Isa plan to revitalise lending

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It wants the amount people are allowed to invest in tax-free cash Isas to be doubled from £3600 to £7200 on a temporary basis.

This would only be allowed for banks and institutions which lend to small and medium-sized businesses.

The money would be ring-fenced and only used to lend to such businesses.

"Savers have largely been the victims of recent actions to beat the recession and this would provide them with some much-needed good news," said John Barker, head of savings.

"Restoring lending to businesses is vital in helping them overcome the recession and play their part in getting the economy moving again," Barker said.

"The Government is exploring ways it can get the banks to increase lending and we believe this proposal, along with other measures, can help play a part in achieving that."

Anyone over 16 can invest up to £3600 tax free in a cash Isa and the same amount in an equity Isa.