---

Saving Gateway Accounts Bill

This amendment would limit the flexibility of regulations. Specifically, it would prevent regulations from setting a match rate for the scheme of higher than pound for pound. Noble Lords will know that the Government announced in the 2008 Pre-Budget Report that they would match each pound saved with 50p. Leaving the details of the accounts to secondary legislation provides the flexibility to make alterations in the future. This might be necessary if, for example, experience of the national scheme suggests that a different match rate would better achieve the aims of the saving gateway. The noble Baroness has tabled a later amendment that speaks to the need for Parliament to review the performance of the saving gateway scheme. It is precisely as a consequence of such a review, although not the review that the noble Baroness will be proposing, that we wish to retain the flexibility to make changes through regulation. I agree that too high a match rate may not represent good value for money for the taxpayer. However, it is important that we are able to respond to any lessons that we learn from operating the national saving gateway and that we do not place restrictions on the match rate that regulations can prescribe. Of course, any changes to the match rate would, as the noble Baroness has acknowledged, be subject to the affirmative procedure. I therefore hope that the noble Baroness will withdraw her amendment.