Investment platform AJ Bell has written to new Chancellor Rachel Reeves urging the government to merge all the different ISA types to make life easier for investors and unlock £30bn currently sitting in cash ISAs.

Savers put £11.7bn into cash ISAs in April, the best ever month for cash ISA savings since they were introduced back in 1999.

The average stocks and share ISA provided a return of 6.92% over the past 12 months - well down on the 13.55% seen in the previous 12 months.

The average stocks & shares ISA fund has grown by 15.8% during the 2016/17 tax year so far - the highest return since the 2009/10 tax year, according to Moneyfacts data.