§ 30. Mr. BercowTo ask the Chancellor of the Exchequer if he will make a statement on the taxation of savings. [154629]
§ Mr. Andrew SmithThe Government receive many representations on tax, including tax on savings. The Government are encouraging more people to provide for their financial security throughout their lives, in line with their savings strategy is set out in "Helping People to Save", published alongside the November 2000 pre-Budget report.
The Government have introduced individual savings accounts (ISAs)—5 million people invested over £28.4 billion in the first year alone. In the first nine months of ISAs' second year, a further £20 billion was invested.