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Proceeding contribution from Baroness Sherlock (Labour) in the House of Lords on Monday, 10 October 2011. It occurred during Debate on bill and Committee proceeding on Welfare Reform Bill.

Welfare Reform Bill

I would like to make one brief point about the sums of money that are increasingly needed to save for a house. It was reported in the Guardian on 17 September this year that the average deposit has gone up tenfold in the last 20 years, from £6,793 in 1990 to over £65,000 now. The same article went on to quote a banker from First Direct, which I presume must know these things, who said: "““The average deposit … has actually risen more than twice as fast as house prices and almost four times as fast as income””." Could the Minister therefore think for a moment about whether the inflation in the savings limit properly takes account of the specific house-related inflation, and within that the specific deposit-related inflation, that we are seeing?

Secondary information

Type
Proceeding contribution
Reference
730 c420GC 
Session
2010-12
Chamber / Committee
House of Lords Grand Committee
Subjects
Capital rules Jobseeker's allowance Eligibility Income Individual savings accounts Personal savings Low incomes Payments Property transfer Property Maternity benefits Social security benefits Welfare tax credits Employment and support allowance Universal credit
Legislation
Welfare Reform Bill 2010-12
Link
View this Proceeding contribution on www.publications.parliament.uk