asked Her Majesty's Government:

What measures they propose to increase the United Kingdom savings ratio. [HL3967]

Since 1997, the Government have sought to support saving and asset ownership for all, from childhood, through working life and into retirement. The Government have introduced individual savings accounts (ISAs) to develop and extend the saving habit, which in April were made simpler, more flexible and more generous. The Government have also introduced the child trust fund, which will ensure that all children will hold a financial asset at the age of 18. Budget 2008 announced that the saving gateway, a cash saving scheme to promote saving and financial inclusion for those on lower incomes, will be introduced nationally, with first accounts available to savers in 2010.

The introduction of auto-enrolment and personal accounts from 2012 will enable individuals on low to medium incomes to save in a pension over their working lives.