Oral Answers to Questions

Alex Mayer Excerpts

Tuesday 4th March 2025 Commons Chamber

The Chancellor of the Exchequer was asked—

[Alex Mayer (Dunstable and Leighton Buzzard) (Lab)]

1. What steps she plans to take to encourage saving.

[The Economic Secretary to the Treasury (Emma Reynolds)]

The Government are committed to supporting people to save and invest, and we want to build a better investment culture. Currently, 85% of people with savings income do not pay tax on it. As we announced at the Budget from next month, we will expand the help to save scheme to all universal credit claimants in work.

[Alex Mayer]

The nation’s favourite way to save is through premium bonds. Does the Minister think that they are good for the country and a valuable way of encouraging saving? For everyone who has them, they are quite exciting every month.

[Emma Reynolds]

I think that premium bonds do provide excitement, not least in my parents’ household, where they are very popular. They are already well promoted and popular, and we have seen annual investments in premium bonds increase by more than 50% since March 2019. The funds raised through them go towards supporting vital public services.