UK Money News
15th May 2008
Government pledges savings help for low-income groups
A new government scheme has been announced to encourage low income groups to save more.
The National Savings scheme will see the government match participants' savings contributions and so act as a financial incentive to saving for the poorest in society.
Initially unveiled in the last Budget, the new Bill, which was outlined in today's draft Queen's Speech by Gordon Brown, will allow HM Revenue & Customs to handle its enforcement and regulate and approve savings account providers.
Mr Brown said: "The Queen's Speech will also introduce a savings bill to help homeownership and wealth ownership generally - giving eight million people on low incomes access to a national savings scheme, with each pound saved matched by a contribution from the government."
Kate Green, chief executive of Child Poverty Action Group, welcomed the scheme, which she said "may help protect families who may otherwise get into debt."
Mr Brown also a new Banking Bill, which will allow savers easy access to their money in the event that a bank of building society collapses.
It has been introduced in the wake of the Northern Rock crisis earlier this year, which resulted in the lender being brought under state control.
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