§ Mr. LoveTo ask the Chancellor of the Exchequer what evaluation has taken place of the impact of the Savings Gateway pilot on levels of savings among low-income consumers; and if he will make a statement. [186631]
§ John HealeyThe Saving Gateway pilot final evaluation is due in early 2005. No substantial conclusions can be drawn until we receive the full research findings, however indicators so far are good. The latest interim evaluation report showed that 1,478 accounts had been opened (the target was 1,500), and the participants were mostly drawn from young families with childre#. The total amount saved by account-holders was approaching £300,000 by the end of February 2004, and there was little evidence that people had transferred money from existing savings accounts or borrowed to save. This report is available on the HM Treasury website.