§ Lord Roberts of Conwyasked Her Majesty's Government:
What steps they are taking to encourage savings. [HL4759]
§ Lord McIntosh of HaringeyThe Government provide tax support of £2 billion per year to encourage savings through individual savings accounts (ISAs) and other forms of personal saving. In addition, annual tax relief of more than £11 billion is delivered to individuals and employers for retirement saving.
As well as ISAs, the Government are introducing the child trust fund, which will strengthen financial education, promote positive attitudes to saving and ensure assets for all children, regardless of family background. The Government are piloting the saving gateway, where the Government match the savings of low-income families up to a limit. Initial indicators for the interim evaluation are positive.
Further, the Government are empowering individuals with financial information, improved access to advice, and savings products that are simple and easy to understand such as the Sandler suite of stakeholder products. This action on incentives, advice and support is underpinned by creating a stable economy, and increasing employment by making work pay.