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1694895
star this property registered interest false more like this
star this property date less than 2024-03-11more like thismore than 2024-03-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to help increase the level of average savings of households. more like this
star this property tabling member constituency Preston more like this
star this property tabling member printed
Sir Mark Hendrick more like this
star this property uin 17794 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2024-03-18more like thismore than 2024-03-18
star this property answer text <p>The government’s plan is working, with inflation down and growth forecast to improve. This allowed the government, at Spring Budget 2024, to cut taxes further for working people. These are the most important things that the government can do to support households to save.</p><p>At Spring Budget 2024, the Chancellor also set out further measures to support and encourage a savings culture across the UK and increase opportunities for people to save for the longer term. This included launching a consultation to introduce a new UK ISA with a £5,000 allowance for investments in UK assets and funds, in addition to the existing £20,000 ISA allowance, and the launch of British Savings Bonds, delivered through National Savings &amp; Investment.</p><p>These measures sit alongside existing policies such as Help to Save, which supports people on low incomes to save, and the Lifetime ISA, which supports people to save for a first home or later life</p><p>The retail savings market currently offers a range of options to savers, who can access competitive rates on a variety of instant access and fixed-term products.</p>
star this property answering member constituency Hitchin and Harpenden more like this
star this property answering member printed Bim Afolami more like this
star this property question first answered
less than 2024-03-18T15:37:16.027Zmore like thismore than 2024-03-18T15:37:16.027Z
star this property answering member
4639
star this property label Biography information for Bim Afolami more like this
star this property tabling member
473
star this property label Biography information for Sir Mark Hendrick more like this
1681391
star this property registered interest false more like this
star this property date less than 2024-01-10more like thismore than 2024-01-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government what plans they have to investigate the rates of saving by UK households. more like this
star this property tabling member printed
Lord Sikka more like this
star this property uin HL1479 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2024-01-23more like thismore than 2024-01-23
star this property answer text <p>The Government is committed to incentivising greater saving and investment, to help households save for their future goals and build greater financial resilience.</p><p> </p><p>Individuals can save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received on cash within an ISA is tax free. This, coupled with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers, means that around 90% of people with savings income pay no tax on that income. Individuals aged 18 or over but under 40 can also open a Lifetime ISAs to save for buying a first home or for later life.</p><p> </p><p>Last year, the Chancellor also secured agreement from the FCA to review the cash savings market. As a result, the FCA have published a 14-point action plan. Under the plan, firms should ensure they are effectively communicating their full range of suitable savings products to customers.</p><p> </p><p>The Government will continue to monitor the rates of saving by UK households as part of its wider economic monitoring.</p>
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-01-23T17:37:17.707Zmore like thismore than 2024-01-23T17:37:17.707Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4885
star this property label Biography information for Lord Sikka more like this
1642405
star this property registered interest false more like this
star this property date less than 2023-06-06more like thismore than 2023-06-06
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask His Majesty's Government what measures they have in place to encourage saving. more like this
star this property tabling member printed
Lord Bourne of Aberystwyth more like this
star this property uin HL8242 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2023-06-13more like thismore than 2023-06-13
star this property answer text <p>The Government is committed to ensuring people are supported to save, and that they can access a wide range of competitive savings products. The retail savings market currently offers a range of competitive options to savers, who can now access the highest rates in recent years on a variety of instant access and fixed-term products.</p><p> </p><p>The Government launched the Help to Save scheme in September 2018 to directly encourage those on lower incomes to save. This encourages saving for those on Working Tax Credit or receiving Universal Credit. These savings accounts provide a bonus of 50p for every £1 saved over 4 years.</p><p> </p><p>The Government has also introduced other measures in recent years to encourage saving. Individuals can save up to £20,000 into their ISA each year and coupled with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers, around 95% of people with savings income pay no tax on that income.</p><p> </p><p>The Lifetime ISA is a long-term savings product to encourage younger people to save for their first home or for later life. The government provides a 25% bonus on savings of up to £4,000 each year, provided the savings are kept for the long-term.</p>
star this property answering member printed Baroness Penn more like this
star this property grouped question UIN HL8243 more like this
star this property question first answered
less than 2023-06-13T14:31:19.977Zmore like thismore than 2023-06-13T14:31:19.977Z
star this property answering member
4726
star this property label Biography information for Baroness Penn more like this
star this property tabling member
4282
star this property label Biography information for Lord Bourne of Aberystwyth more like this
1461113
star this property registered interest false more like this
star this property date less than 2022-05-10more like thismore than 2022-05-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they plan to assess (1) whether the market for savers is working effectively, and (2) why the interest rates offered to savers by the major banks are not rising in line with the Bank of England base rate. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL25 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-05-18more like thismore than 2022-05-18
star this property answer text <p>The Government recognises that over recent years low interest rates have made it challenging for people’s savings to grow. This is why the Government remains committed to supporting savers of all income levels and at all stages of life to save and has introduced a range of measures to support this.</p><p>The amount of money that individuals can save into their ISAs each year has been increased to a record £20,000 and a Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers has been introduced. These measures mean that around 95% of people with savings income pay no tax on that income, giving consumers more flexibility to shop around when choosing the best savings product for them.</p><p> </p><p>Alongside these measures, the Lifetime ISA allows younger people to benefit from a 25% government bonus on up to £4,000 of savings each year towards a first home, or later life. While the Help to Save scheme supports 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><p>However, the pricing of financial products, including the interest rates offered on savings accounts, is a commercial decision for firms and the Government does not plan to intervene in, or make assessments of, such decisions.</p><p> </p><p>The independent Monetary Policy Committee (MPC) of the Bank of England makes monetary policy decisions independently of the Government. The MPC sets the base rate of interest, which is known as the Bank Rate. This is the rate of interest the Bank of England will pay on reserves held with them by commercial banks. MPC decisions over Bank Rate guide commercial banks’ decisions over retail interest rates, i.e. interest rates they charge on loans and pay on deposits. However, commercial banks also make commercial judgements that influence the degree of pass‐through from changes in Bank Rate into retail interest rates, with conditions in financial markets and in the banking sector also influencing interest rates paid on deposits or charged for lending.</p>
star this property answering member printed Baroness Penn more like this
star this property question first answered
less than 2022-05-18T13:36:59.167Zmore like thismore than 2022-05-18T13:36:59.167Z
star this property answering member
4726
star this property label Biography information for Baroness Penn more like this
star this property tabling member
2533
star this property label Biography information for Lord Birt more like this
1461544
star this property registered interest false more like this
star this property date less than 2022-05-10more like thismore than 2022-05-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of the average amount of savings held by each household in the UK. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 208 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-05-13more like thismore than 2022-05-13
star this property answer text <p>Latest official Office for National Statistics (ONS) data shows total household currency and deposits (a measure of household savings) were around £2 trillion in 2021 Q4. Furthermore, in their Spring 2022 forecast, the OBR estimated that households, on aggregate, accumulated around £230 billion in additional savings between the start of 2020 and Q3 2021.</p><p> </p><p>The ONS does not produce official statistics on average savings per household.</p><p> </p><p>The ONS does not publish statistics on average household savings or wealth broken down by ethnic group.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
209 more like this
210 more like this
star this property question first answered
less than 2022-05-13T08:18:26.883Zmore like thismore than 2022-05-13T08:18:26.883Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
1461548
star this property registered interest false more like this
star this property date less than 2022-05-10more like thismore than 2022-05-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate he has made of average household savings of each house in the UK broken down by ethnic group. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 209 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-05-13more like thismore than 2022-05-13
star this property answer text <p>Latest official Office for National Statistics (ONS) data shows total household currency and deposits (a measure of household savings) were around £2 trillion in 2021 Q4. Furthermore, in their Spring 2022 forecast, the OBR estimated that households, on aggregate, accumulated around £230 billion in additional savings between the start of 2020 and Q3 2021.</p><p> </p><p>The ONS does not produce official statistics on average savings per household.</p><p> </p><p>The ONS does not publish statistics on average household savings or wealth broken down by ethnic group.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
208 more like this
210 more like this
star this property question first answered
less than 2022-05-13T08:18:25.76Zmore like thismore than 2022-05-13T08:18:25.76Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
1461550
star this property registered interest false more like this
star this property date less than 2022-05-10more like thismore than 2022-05-10
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate has been made of the average amount of household savings in the UK by age group. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 210 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2022-05-13more like thismore than 2022-05-13
star this property answer text <p>Latest official Office for National Statistics (ONS) data shows total household currency and deposits (a measure of household savings) were around £2 trillion in 2021 Q4. Furthermore, in their Spring 2022 forecast, the OBR estimated that households, on aggregate, accumulated around £230 billion in additional savings between the start of 2020 and Q3 2021.</p><p> </p><p>The ONS does not produce official statistics on average savings per household.</p><p> </p><p>The ONS does not publish statistics on average household savings or wealth broken down by ethnic group.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
208 more like this
209 more like this
star this property question first answered
less than 2022-05-13T08:18:26.947Zmore like thismore than 2022-05-13T08:18:26.947Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
1222018
star this property registered interest false more like this
star this property date less than 2020-07-08more like thismore than 2020-07-08
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate his Department has made of the average level of savings accumulated by households in the UK. more like this
star this property tabling member constituency Hendon more like this
star this property tabling member printed
Dr Matthew Offord more like this
star this property uin 71034 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2020-07-13more like thismore than 2020-07-13
star this property answer text <p>The Office for National Statistics (ONS) publish data on the ratio of household saving to total available household resources. The latest data indicate that the household saving ratio was 8.6% in Q1 2020, compared to 6.6% in Q4 2019.</p><p> </p><p>The Bank of England publish monthly data on changes in households’ deposits. Households’ deposits increased by £25 billion in May following large increases in March and April. This compares with an average monthly increase of £5 billion in the six months to February.</p><p> </p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2020-07-13T11:18:47.25Zmore like thismore than 2020-07-13T11:18:47.25Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4006
star this property label Biography information for Dr Matthew Offord more like this
1138909
star this property registered interest false more like this
star this property date less than 2019-07-15more like thismore than 2019-07-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 277117 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-07-18more like thismore than 2019-07-18
star this property 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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-07-18T13:04:01.82Zmore like thismore than 2019-07-18T13:04:01.82Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
1409
star this property label Biography information for Mr Gregory Campbell more like this
1136092
star this property registered interest false more like this
star this property date less than 2019-07-02more like thismore than 2019-07-02
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Personal Savings remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text What steps he is taking to increase incentives for people to save. more like this
star this property tabling member constituency New Forest West more like this
star this property tabling member printed
Sir Desmond Swayne more like this
star this property uin 911692 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
unstar this property date of answer less than 2019-07-02more like thismore than 2019-07-02
star this property 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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property question first answered
less than 2019-07-02T14:13:36.56Zmore like thismore than 2019-07-02T14:13:36.56Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
55
star this property label Biography information for Sir Desmond Swayne more like this