HC Deb 14 May 1998 vol 312 c174W
Mr. Loughton

To ask the Chancellor of the Exchequer what assessment he has made of the impact of the change in the proposals for PEPs, TESSAs and ISAs in the Budget on the Government's target of attracting six million new savers. [36801]

Mr. Geoffrey Robinson

[holding answer 30 March 1998]: At present half the adult population has less than £200 saved. The new account will provide savers with an attractive tax-free savings opportunity which will be more widely available, will have no minimum investment requirement and will not lock up their money. Savers will have an unprecedented guarantee of stability as the scheme will run for at least ten years. We anticipate that these features will make the new account very attractive to those who are new to tax-free saving, as well as providing ample reason for existing savers to continue and increase their savings.

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