Rachel Reeves has declared war on our Cash ISAs at worst possible time - she must stop NOW

Reeves began her stint as Chancellor , and while the flow has slowed lately we can now add another to the list.

In the run-up to last month's Spring Statement, it emerged she was considering cutting the Cash ISA allowance from £20,000 to just £4,000.

This was always going to be a controversial move.

More than 10 million Brits have money in Cash ISAs, many of them pensioners who don't want to put a lifetime of savings at the mercy of the markets.

They value the safety and certainty of cash ISAs, which help them sleep at night and plan for the future.

This is especially vital in retirement, when stability is everything.

Reeves's plan came just as savings rates hit their highest in years, with Cash ISA savers able to get up to 5% by shopping around.

The Chancellor's idea is to nudge savers into Stocks and Shares ISAs and encourage an American-style culture of long-term investing to .

There's logic to that. Over time, equities tend to outperform cash. And British companies do need investment, particularly after last October's brutal Budget.

But investing isn't for everyone, and recent events show exactly why.

What a moment to propose such a change, shortly before US president Donald Trump wiped trillions off global stock markets with his trade tariff nonsense.

Her Cash ISA plan is already unravelling before our eyes.

This is a frightening moment to be a pensioner, or someone nearing retirement in the next five years.

Those with their pensions in drawdown or invested in the market have seen values plunge, especially since .

I can hardly bear to look at my own personal pension statement. Millions more are in a far worse state.

Market volatility is extreme. Investor confidence is in tatters. And there's no sign of respite with Trump going rogue. For older savers, now is a time for caution, not risk.

Cash ISA savers are sleeping soundly. By contrast, some Stocks and Shares ISA investors and pensioners in drawdown will be sick with worry.

Simon Merchant, chief executive of savings platform Flagstone, says pushing savers towards the stock market in these turbulent times is "irresponsible, unfair and myopic".

He added: "Investing requires a certain risk appetite. That takes years to build and often fades with age."

Reeves hasn't yet confirmed her plan, but she hasn't denied it either. So what should savers do?

It depends on your appetite for risk. Brave souls might see today's market dips as a buying opportunity.

Younger savers with regular payments into pensions or Stocks and Shares ISAs should probably carry on. They'll benefit from buying at lower prices.

But the golden investment rule still applies: don't invest money you might need within the next five years.

Cash ISA fans should use as much of their £20,000 allowance as they can. If Reeves proceeds, it could soon be dramatically reduced.

It could make sense to act now and lock into long-term fixed-rate savings. Merchant says today's turmoil could force the Bank of England to cut base rates soon.

Savers are already rushing to secure today's high returns, in what he calls a "flight to safety".

Flagstone has seen soaring demand for fixed-rate bonds. Leeds and Skipton building societies, for example, are offering Cash ISAs paying 4% a year over three or five years. Just make sure you won't need access to your money in the meantime.

Reeves would be wise to reconsider her ill-timed assault on cash in light of today's stock market meltdown. But don't count on it. Instead, take action yourself.