Since 1999, millions of savers have relied on the Cash ISA to protect their hard-earned money from tax and stock market turmoil.

Now, that sanctuary is under siege.

Reports suggest that Reeves is plotting to slash the £20,000 annual ISA allowance to just £4,000 from April 2026.

This would be a devastating blow to savers, particularly older people who want a low-risk, tax-free home for their money.

Reeves couldn't have picked a more embarrassing moment to float the idea.

Stock markets have been hammered by Donald Trump's new trade war, which threatens to plunge the world into fresh economic chaos.

Yet there’s no sign of Reeves changing course.

Instead, she wants to encourage people to put more into Stocks and Shares ISAs just as equity prices are the most volatile since the financial crisis in 2008.

Her timing couldn’t be worse. It's hardly surprising though. Nobody would describe Reeves as a lucky chancellor.

I have repeatedly urged readers to grab today’s £20,000 ISA allowance while it’s still intact.

But while Reeves is a clear and present danger, she's not the only threat Cash ISA savers now face.

Antonia Medlicott, founder of financial education specialists Investing Insiders, said savers are under attack on a second front: interest rates.

Right now, savings rates are at their highest level for six months, with some fixed-rate Cash ISAs offering more than 5%.

But that could soon come to a juddering halt.

“Rates are likely to come down over the coming months as the Bank of England (BoE) cuts rates to try to cushion the economy against the impact of Trump’s tariffs,” Medlicott warns.

The first cut could come as soon as May 9, less than two weeks away, when the BoE’s rate-setting monetary policy committee next meets.

Rate cuts could accelerate after that, if Trump chaos continues.

Medlicott adds: “Savers who want to maximise returns on their cash savings over the medium term should seriously consider fixing into a longer-term Cash ISA while rates are still high.”

Many risk missing out by simply waiting. “If you delay, you could find that the best deals have disappeared, and fixed rates available have dropped significantly.”

Of course, we can't say for sure what the BoE will do. With Trump in charge, events are changing by the hour.

But if you value the security of a Cash ISA, it may be safer to act now.

Medlicott rightly points out that the Cash ISA is not for everyone. Over the longer run, Stocks and Shares ISAs have the potential to deliver far higher returns.

As she says: “For those willing to take some investment risk, stock market returns have historically outpaced cash over the long term.”

Yet many older savers simply aren’t in a position to gamble with their life savings. Shares are volatile, and just because they have recovered in the past doesn’t guarantee they will again, especially with Trump throwing global trade into disarray.

Rachel Reeves is not offering a real choice. She’s pushing cautious savers into taking risks they cannot afford.

Cash ISAs are offered on a ‘use it or lose it’ basis each year. And that’s exactly how savers must approach it now.

They should also consider shopping around to grab a best buy rate before they fall.

The double threat is real. We'll know more next month.