Ireland's new savings scheme will be capped to prevent 'uber wealthy' from exploiting it

Tánaiste said other countries have introduced caps on the amount of money that can be invested

Tánaiste and finance minister Simon Harris rejected criticism of the scheme before it has been published and pushed back at the idea that it will disproportionately assist wealthy people. Picture: Liam McBurney/PA

The Government's new savings and investment scheme will have caps on the maximum amount of money a person can deposit, the Tánaiste has signalled.

Simon Harris has pushed back on suggestions the scheme will disproportionately assist wealthy individuals, as he hinted at capping the amount of money an individual can invest in the scheme.