The Government’s flagship policy to promote saving is expected to cost taxpayers £6.7billion in 2023-24 with “vastly” more tax relief going to those on higher incomes, Resolution Foundation analysis shows.

Tax relief offered through ISAs is expected to rise by more than a third from the £4.9bn cost in 2022-23, the think tank says, citing HMRC figures.

The Resolution Foundation analysis, in partnership with abrdn Financial Fairness Trust, was published on Saturday (April 6) to coincide with…