§ 10. Mr. NichollsTo ask the Chancellor of the Exchequer if he will make a statement on the take-up of the pensioner guaranteed income bond.
§ Mr. NelsonI am delighted to report that more than 125,000 pensioners have bought the new guaranteed income bond, to a value of more than £1 billion. That is an excellent result for the initiative that my right hon. and learned Friend the Chancellor announced in the November Budget.
§ Mr. NichollsI welcome that reply, but can my hon. Friend confirm that the introduction of that measure was prompted by the realisation that although falling interest rates were good for business and people at work, they could be very bad indeed for pensioners on fixed incomes? Does not that show that the Government do listen to the concerns of the pensioner community, and will my hon. Friend confirm that they will continue to do so?
§ Mr. NelsonYes, I can so confirm on both accounts. For a long time, many of our elderly constituents had asked for a bond that would give them a guaranteed long-term fixed assured rate of return. We have delivered that and it has been extremely popular, as shown by the figures that I have given today. I am sure that its popularity will be maintained in the future.