Written question asked by Matthew Offord (Conservative) on Monday, 21 June 2021, in the House of Commons. It was due for an answer on Wednesday, 23 June 2021. It was answered by John Glen (Conservative) on Thursday, 24 June 2021 on behalf of the Treasury.
Premium Bonds
- Question
-
To ask the Chancellor of the Exchequer, if will make an assessment of the potential merits of raising the limit of the number of Premium Bonds that a person may purchase.
- Answer
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The current Premium Bonds investment limit is £50,000, which is set out in UK legislation. When setting the investment limit, HM Treasury and NS&I must strike a balance between the differing needs of savers, taxpayers and the wider financial sector. While some customers would wish to invest more than the current limit in Premium Bonds, raising the limit could lead to the scheme becoming dominated by a small number of people with large investments. NS&I has found from experience that customers are sensitive to taking part in a prize draw in which some people hold a very large number of bonds. In addition, NS&I is sensitive to changing the investment limit in a way that disadvantages other banks and firms that offer rates of interest with similar returns to Premium Bonds.
Secondary information
- Type
- Written question
- Reference
- 19574
- Session
- 2021-22
- Subjects
- Premium bonds
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2022-06-28 22:04:55 +0100
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/19574
- In Indexing
- http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/19574
- In Solr
- https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/writtenparliamentaryquestion/commons/2021-22/19574