More than 33,000 people in Britain held at least £1 million in cash savings accounts in 2025, highlighting the scale of money kept outside investments. Labour wants savers to put more money into British shares to support companies and economic growth, but the figures suggest many people may be reluctant to take investment risk.

The estimate of 33,700 people is based on HMRC data for those declaring at least £50,000 annually in interest, roughly equivalent to £1 million earning 5 per cent or less. Bowmore said equities returned an average 12.9 per cent annually in the decade to May 2026, compared with 2.18 per cent for cash Isas, although investments can fall in value and cash rates now exceed 4.5 per cent in leading accounts. The Government plans to reduce most savers’ annual tax-free cash Isa allowance from £20,000 from April 2027.