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Personal Savings

Volume 493: debated on Tuesday 2 June 2009

To ask the Chancellor of the Exchequer what steps his Department has taken to assist savers in each year since 1997; what representations he has received on this issue since January 2008; and if he will make a statement. (276866)

The Government receive a range of representations from groups and individuals on a wide range of topics, including savers. Since 1997, the Government’s savings strategy has focused on developing better incentives for saving, ensuring people have the capability to make the right savings decisions for them, and that they have access to appropriate savings opportunities. The Government introduced tax-free ISAs in 1999, and announced increases to the ISA limits at Budgets 2007 and 2009. Over 18 million people now have an ISA. The Child Trust Fund was introduced in 2005, and the Saving Gateway will be introduced in 2010 to encourage saving amongst working-age people on lower incomes. The Government have also legislated for reforms to the private pensions system that will encourage and enable more people to save for their retirement.