The limit savers can invest in a Junior Isa and Child Trust Fund has been more than doubled, from £4,368 to £9,000.

In the official Budget document, the Treasury wrote: “By saving towards their future, families can give children a significant financial asset when they reach adulthood – helping them into further education, training, or work.

“The Budget announces that the amount families can save into a JISA or CTF will be more than doubled in 2020-21, increasing from £4,368 to £9,000.”

No changes to other ISAs and their limits have been announced.