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1138909

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will meet with (a) banks and (b) other financial institutions on recent reports of personal savings accounts with £170 billion and for which no interest is paid.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	277117
	answer	answer is ministerial correction date of answer 18/07/2019 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including banks and other financial institutions, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: <a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a>.</p>Interest rates on savings accounts are set by the institution providing the account. As this is a commercial decision, the Government does not seek to intervene. If a customer is not content with the interest rate they receive, Government encourages them to shop around to find the best savings account for their needs.<p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 18/07/2019 13:04:01 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

1136092

	registered interest
	date	02/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	What steps he is taking to increase incentives for people to save.
	tabling member constituency	New Forest West
	tabling member printed	Sir Desmond Swayne
	uin	911692
	answer	answer is ministerial correction date of answer 02/07/2019 answer text <p>The Government has introduced a range of measures to support savers.</p><p>We have increased the amount of money that people can save into their ISAs each year to a record £20,000 and introduced a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.</p><p>Thanks to these measures, over 95% of people with savings income pay no tax on that income.</p><p> </p><p>The new Help to Save scheme is supporting working families on low incomes to build up a rainy-day fund by offering a 50% bonus on up to £50 of monthly saving.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2019 14:13:36 answering member 4051 label Biography information for John Glen
	tabling member	55 label Biography information for Sir Desmond Swayne

944752

	registered interest
	date	19/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to promote personal savings and investments in (a) the North East and (b) England.
	tabling member constituency	Newcastle upon Tyne North
	tabling member printed	Catherine McKinnell
	uin	166169
	answer	answer is ministerial correction date of answer 24/07/2018 answer text <p>The Government is committed to supporting savers across the UK at all stages of life and has introduced a range of measures in recent years to help people build their savings in the way that is right for them.</p><p> </p><p>This year we are introducing a new Help to Save scheme to support working families on low incomes to build up a rainy-day fund, by offering a 50% bonus on up to £50 of monthly savings. We have also increased the ISA allowance by a record amount to £20,000 and introduced a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Thanks to these measures over 95% of people pay no tax on their savings income.</p><p> </p><p>ISA statistics detailing the percentage of the adult population who hold an ISA and their average market value, broken down for different regions and countries in the UK, can be found online at: https://www.gov.uk/government/statistics/individual-savings-account-statistics</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/07/2018 13:51:10 answering member 4051 label Biography information for John Glen
	tabling member	4125 label Biography information for Catherine McKinnell

933997

	registered interest
	date	02/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what fiscal plans he has to increase the level of personal savings in this Parliament.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	159532
	answer	answer is ministerial correction date of answer 05/07/2018 answer text <p>The Government is committed to supporting savers at all stages of life and has introduced a range of measures in recent years to help people build their savings in the way that is right for them.</p><p> </p><p>This year we are introducing a new Help to Save scheme to support working families on low incomes to build up a rainy-day fund, by offering a 50% bonus on up to £50 of monthly savings. We have also increased the ISA allowance by a record amount to £20,000 and introduced a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Thanks to these measures over 95% of people pay no tax on their savings income.</p><p> </p><p>Alongside savings measures, the Government has made significant progress on reducing taxes so that working families can take home more of what they earn. As a result of increases to the personal allowance, a typical basic rate taxpayer will pay £1,075 less income tax in 2018-19, compared to 2010-11.</p><p> </p><p>The Chancellor of the Exchequer keeps all tax policy under review to be considered as part of the budget process.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 05/07/2018 15:34:34 answering member 4051 label Biography information for John Glen
	tabling member	1409 label Biography information for Mr Gregory Campbell

864325

	registered interest
	date	15/03/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what barriers to investing in savings by people aged under 30 his Department has identified.
	tabling member constituency	Newcastle upon Tyne North
	tabling member printed	Catherine McKinnell
	uin	132809
	answer	answer is ministerial correction date of answer 20/03/2018 answer text <p>We have increased the amount of money that people can save in their ISAs annually to a record £20,000 and introduced a Personal Savings Allowance of up to £1,000. Thanks to these measures over 95% of people pay no tax on their savings income. In April 2017 the government also introduced the Lifetime ISA, allowing younger people to receive a 25% bonus from government on savings of up to £4,000 annually. This encourages the next generation to get into the habit of saving and helps them to simultaneously save for both a first house and for later life, with the same product.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/03/2018 16:20:21 answering member 4051 label Biography information for John Glen
	tabling member	4125 label Biography information for Catherine McKinnell