§ Mr. Liddell-GraingerTo ask the Chancellor of the Exchequer what plans he has to increase the level of household saving; and if he will make a statement. [186544]
§ Ruth KellyThe Government's strategy for savings and assets is focused on providing individuals with security, opportunity and independence throughout life, and with the information, incentives and income to make savings decisions.
We have delivered this with reforms such as the introduction of Individual Savings Accounts, the application of the 10 per cent. starting rate for income tax to income from savings, and the new Child Trust Fund, as well as creating a stable economy with low interest rates, and radical reform and simplification of financial regulation and pensions. Net household wealth has now risen by over 50 per cent. since 1997.