§ Mr. CousinsTo ask the Chancellor of the Exchequer what interim conclusions he has reached on the Savings Gateway project; and when he will report conclusions to Parliament. [157051]
§ Ruth KellyThe 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 maximum was 1,500) and the participants were mostly drawn from young families with children. By the end of August 2003, the amount saved was £150,000, 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.
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§ Mr. CousinsTo ask the Chancellor of the Exchequer what plans he has to re-examine the introduction of a Savings Advice Gateway. [157054]
§ Ruth KellyThe Saving Gateway is being piloted in five locations, four of which are being run in conjunction with the Community Finance and Learning Initiative (CFLI), which is led by the DfES. Part of the remit of the community organisations involved in the CFLI is to provide advice and support to the Saving Gateway participants. The impact of the CFLI is being evaluated alongside the Saving Gateway evaluation. Final evaluation for the Saving Gateway is due in early 2005 and the DfES research findings are due to be published shortly.