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Debate on bill on Tuesday, 13 January 2009, in the House of Commons, led by Yvette Cooper. The answering member was Mark Hoban.

Saving Gateway Accounts Bill

Saving Gateway Accounts Bill. Second reading debate. Agreed to on question. Programme motion on proceedings in Committee, on Report, Third reading and any other proceedings. Agreed to on division (276 to 172). Queen's recommendation signified. Money resolution agreed to on question.

Secondary information

Type
Parliamentary proceeding
Reference
486 c133-78 
Session
2008-09
Department
Treasury
Legislative stage
Second reading
Procedure
Programme motions
Money resolutions
Queen's recommendation
Chamber / Committee
House of Commons chamber
Related items
Proceeding contributions
John Penrose | 486 c135 (Link to this contribution) The Chief Secretary is being very generous in giving way. May I pick up her point about eligibility ...
Yvette Cooper | 486 c135-6 (Link to this contribution) One of the purposes of our pilots was to explore such issues. We concluded that people should be giv...
Show all contributions (78)
Gordon Prentice | 486 c136 (Link to this contribution) Can my right hon. Friend extrapolate from the figures that emerged from the pilots how many of the 8...
Yvette Cooper | 486 c136 (Link to this contribution) It is difficult to provide precise predictions about what the long-term consequences will be. We thi...
Bob Spink | 486 c134 (Link to this contribution) Before the Minister moves on to the body of her speech, may I welcome the principle of the Bill, whi...
Yvette Cooper | 486 c134 (Link to this contribution) The saving gateway is a long-term programme to help those on the lowest incomes. It will be implemen...
Lord Redwood | 486 c134 (Link to this contribution) Can the Minister give us an indication of what sort of interest rate or return savers could expect f...
Yvette Cooper | 486 c134-5 (Link to this contribution) Our approach is that the Government will match people's savings with an additional 50p for every pou...
David Leslie Taylor | 486 c135 (Link to this contribution) My right hon. Friend has been generous in giving way so early in her speech. On the basis of the fig...
Yvette Cooper | 486 c135 (Link to this contribution) We believe that 8 million households will be eligible to set up a saving gateway account. The Bill p...
Yvette Cooper | 486 c133 (Link to this contribution) My hon. Friend might be aware that many carers will be covered by the saving gateway. Certainly, tho...
James Plaskitt | 486 c133 (Link to this contribution) My right hon. Friend has been talking about the client groups that might be referred to the saving g...
Yvette Cooper | 486 c133 (Link to this contribution) I beg to move, That the Bill be now read a Second time. It is a pleasure to open the debate on the ...
Sally Keeble | 486 c133 (Link to this contribution) I am grateful to my right hon. Friend for giving way this early in her speech. I very much welcome t...
Yvette Cooper | 486 c134 (Link to this contribution) We are in discussions with the Department for Work and Pensions about a series of ways in which we c...
Adam Price | 486 c161-2 (Link to this contribution) I agree with the hon. Gentleman in this sense: I have great doubts about the willingness or the abil...
Kelvin Hopkins | 486 c161 (Link to this contribution) I am listening with great interest to the hon. Gentleman's history lesson. Is he not really suggesti...
John Penrose | 486 c158-9 (Link to this contribution) If the hon. Gentleman will forgive me, I will forgo the opportunity to make such a major spending co...
Kelvin Hopkins | 486 c157-8 (Link to this contribution) I hope that hon. Members will forgive me for not being in the Chamber earlier. I am very interested ...
Lord Redwood | 486 c156 (Link to this contribution) My hon. Friend should bear in mind that the savings rate is a net figure, relating not just to the a...
John Penrose | 486 c156-7 (Link to this contribution) Would it not be absolutely marvellous if that happened? We will watch with great care. Let me point...
Speaker | 486 c155 (Link to this contribution) Order. That is a mischievous intervention, wholly outside the scope of the Bill.
John Penrose | 486 c155-6 (Link to this contribution) As it is outside the scope of the Bill, I shall gloss over that one, but it perhaps illustrates a wi...
John Penrose | 486 c155 (Link to this contribution) Like everyone else, I am delighted to support the principle of this legislation. We have heard a ser...
Jeremy Browne | 486 c155 (Link to this contribution) Was that in the same section of the Conservative manifesto as the incentive for people to leave the ...
Lord Redwood | 486 c151-2 (Link to this contribution) I fear that I am coming to that conclusion, but it is difficult to believe that that is true. Treasu...
Lord Redwood | 486 c152-5 (Link to this contribution) I am relieved by that clarification, but that was not the position of the hon. Gentleman's party at ...
Jeremy Browne | 486 c152 (Link to this contribution) I do not wish to be disagreeable, but I was not saying that there were not people on relatively low ...
Rob Marris | 486 c149 (Link to this contribution) I say in passing that a member of the hon. Gentleman's Front Bench team was claiming tax credits a l...
Jeremy Browne | 486 c149-50 (Link to this contribution) Not for the first time in one of these debates, the hon. Gentleman makes a precise, targeted point o...
Lord Redwood | 486 c150-1 (Link to this contribution) I am a company director and have declared my interest in the register, but I am not a director of a ...
John Penrose | 486 c151 (Link to this contribution) Does my right hon. Friend agree that the reason for Ministers being unable to provide the answers th...
Charles Walker | 486 c146 (Link to this contribution) Will the hon. Gentleman accept that most people's most important asset is their home, and in the 198...
Jeremy Browne | 486 c146-7 (Link to this contribution) For a lot of people their biggest and, at the moment, most rapidly depreciating asset is indeed thei...
Rob Marris | 486 c147 (Link to this contribution) Does the hon. Gentleman agree that another reason for welcoming such a scheme is that, in a small wa...
Jeremy Browne | 486 c147-9 (Link to this contribution) The hon. Gentleman slightly diverts me from the path that I was taking, but he makes a good point. P...
Adam Price | 486 c170 (Link to this contribution) If we want to sustain the habit of saving, will people be able to convert the saving gateway account...
Rob Marris | 486 c173 (Link to this contribution) One of the concerns expressed earlier was about whether sufficient information would be available wh...
Ian Pearson | 486 c170-3 (Link to this contribution) Yes, they will. I will say more about that in a moment, but I want first to address the points that ...
Ian Pearson | 486 c173-4 (Link to this contribution) My hon. Friend makes a very good point. As I mentioned at the start, the issue of financial inclusio...
Charles Walker | 486 c162-4 (Link to this contribution) I rise a disappointed and unhappy man, because I like nothing more than coming to this place and giv...
Kelvin Hopkins | 486 c164-5 (Link to this contribution) I apologise for not being present for some of the earlier speeches, but I have heard some interestin...
David Gauke | 486 c165-9 (Link to this contribution) It is a great pleasure to wind up this Second Reading debate, perhaps a little earlier in the day th...
Kelvin Hopkins | 486 c170 (Link to this contribution) The Chief Secretary may have covered this point, but is there a guarantee that additional savings fo...
Ian Pearson | 486 c170 (Link to this contribution) The Bill is targeted at people of working age, and those on lower incomes. We want to kick-start the...
Adrian Bailey | 486 c137-8 (Link to this contribution) I thank my right hon. Friend for giving way; she is being most generous. I welcome the Bill. It is v...
Yvette Cooper | 486 c138 (Link to this contribution) My hon. Friend makes an important point. We are having discussions with a wide range of financial in...
Yvette Cooper | 486 c137 (Link to this contribution) My hon. Friend makes an important point. To make the scheme as simple as possible to operate, people...
Andrew Love | 486 c136-7 (Link to this contribution) I congratulate my right hon. Friend on introducing the Bill, which encapsulates the flexibility that...
Sammy Wilson | 486 c137 (Link to this contribution) Will the Chief Secretary give way?
Adrian Bailey | 486 c137 (Link to this contribution) Will my right hon. Friend give way?
Yvette Cooper | 486 c136 (Link to this contribution) I shall give way to my hon. Friend the Member for Edmonton (Mr. Love) first, and I shall then give w...
Rob Marris | 486 c144 (Link to this contribution) Before the hon. Gentleman generously accepted a series of interventions, he was discussing what woul...
Mark Hoban | 486 c142-3 (Link to this contribution) I suspect that we all know what they might do with it, but perhaps we ought to think about how we st...
Rob Marris | 486 c142 (Link to this contribution) I think we know what they will do with it.
Mark Hoban | 486 c143 (Link to this contribution) I suspect that, despite the worked examples, the expectation is that no interest will be paid on the...
Lord Redwood | 486 c143 (Link to this contribution) Again, it is such a pity that the Chief Secretary to the Treasury will not engage with this importan...
Mark Hoban | 486 c143-4 (Link to this contribution) My hon. Friend makes a number of interesting points. Consumer access to banks and post offices selli...
John Penrose | 486 c143 (Link to this contribution) Does my hon. Friend agree that if interest is not offered on those accounts, the following lesson or...
Mark Hoban | 486 c144 (Link to this contribution) We all share the Bill's laudable aims. Through that incentive, it will create a savings culture and ...
Sammy Wilson | 486 c144 (Link to this contribution) I accept the hon. Gentleman's point about whether the accounts will pay interest, but the important ...
Mark Hoban | 486 c144-6 (Link to this contribution) Yes, and the Bill certainly enables any roll-over to be treated as a subscription for ISAs, but it w...
Jeremy Browne | 486 c146 (Link to this contribution) I am grateful to have the opportunity to contribute to discussion on a Bill that commands broad supp...
Sally Keeble | 486 c141 (Link to this contribution) The hon. Gentleman says that the Government have done nothing to encourage saving, but does he accep...
Mark Hoban | 486 c141 (Link to this contribution) My right hon. Friend makes an important point. The Bill does not stipulate that the account provider...
Yvette Cooper | 486 c138 (Link to this contribution) I will give way for a final time, but then I must make some progress.
Rob Marris | 486 c138 (Link to this contribution) Will my right hon. Friend give way?
Yvette Cooper | 486 c138 (Link to this contribution) I do not have the precise details of the answer to the hon. Gentleman's question, but we have publis...
Sammy Wilson | 486 c138 (Link to this contribution) This important measure is intended to get people on low incomes to start saving and my party support...
Lord Redwood | 486 c141 (Link to this contribution) Like my hon. Friend, I think it very important to encourage a savings culture. Did he notice how, wh...
Mark Hoban | 486 c140-1 (Link to this contribution) People might ask why, in the middle of a recession, when the Government are encouraging people to sp...
Yvette Cooper | 486 c139-40 (Link to this contribution) My hon. Friend is right that we need to guard against the exploitative approaches often adopted by l...
Rob Marris | 486 c138-9 (Link to this contribution) I am grateful to my right hon. Friend, who is always very generous. With reference to the question a...
Mark Hoban | 486 c141-2 (Link to this contribution) It is a welcome addition to a suite of products, but the savings rate in this country has fallen fro...
Speaker | 486 c174 (Link to this contribution) I ask the Sergeant at Arms to investigate the delay in the Aye Lobby.
Adam Price | 486 c159-61 (Link to this contribution) When I hear agreement breaking out on both sides of the House, I always feel that there is a faint e...
Ian Pearson | 486 c169-70 (Link to this contribution) It is a pleasure to close the debate, and I thank the right hon. and hon. Members who have contribut...
Yvette Cooper | 486 c137 (Link to this contribution) I said that I would give way to my hon. Friend the Member for West Bromwich, West (Mr. Bailey). Afte...
Subjects
Bank services Advisory services Credit unions Building societies Eligibility Financial services Financial institutions Interest rates Pilot schemes Personal savings Low incomes Social security benefits Welfare tax credits Saving gateway
Legislation
Saving Gateway Accounts Bill 2008-09
Link
View this Parliamentary proceeding on www.publications.parliament.uk