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Saving Gateway Accounts Bill

Our approach is that the Government will match people's savings with an additional 50p for every pound saved, up to a certain monthly amount of about £25. Over time, people will be able to get a lot of support from the Government in response to the savings that they have put in. In addition—[Interruption.] Hon. Members are asking how that Government support would translate into an annual interest rate. Account providers may provide additional interest, but that will be a matter for the account holders. I urge those concerned to provide that interest, but the Government's matched contribution will match the contribution of the saver rather than the interest added by the account provider.