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Personal Savings

Volume 464: debated on Tuesday 9 October 2007

To ask the Chancellor of the Exchequer what assessment he has made of the effects of the trend in the UK household savings ratio over the period 1997 to 2006; and if he will make a statement. (153925)

HM Treasury continually monitors the level of household savings, and the implications for the wider economy are examined as part of the pre-Budget report and Budget forecasting process.

Since 1997 the Government have: introduced the Individual Saving Account (ISA) so that everyone has access to a tax-advantaged savings scheme; introduced the Child Trust Fund (CTF) so that in the future all children will enter adulthood with a financial asset regardless of family background, and piloted the Saving Gateway to explore ways in which matched funding can promote saving in lower income households.