Personal Savings: Interest Rates
Philip Dunne questions the Chancellor of the Exchequer about steps being taken to mitigate the effects on savers of low interest rates.
Mr. Dunne: To ask the Chancellor of the Exchequer what steps his Department is taking to mitigate the effects on savers of low interest rates. [266526]
Yvette Cooper: The Government recognise the importance of saving in providing people with independence throughout their lives, security if things go wrong and comfort in retirement.
The Government have improved incentives to save by introducing the Child Trust Fund and Individual Savings Accounts. A person using their full ISA allowance to date has been able to amass up to £70,200 of tax-advantaged savings since 1999. The Saving Gateway will be introduced nationally in 2010 to promote saving among working age people on lower incomes. There are also a range of other initiatives to help people to save, including the introduction of Personal Accounts.
