Banking: National Savings & Investments Debate

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Department: HM Treasury

Baroness Kramer

Main Page: Baroness Kramer (Liberal Democrat - Life peer)

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Employment: Rural Employment

Banking: National Savings & Investments

Baroness Kramer Excerpts

National Planning Policy Statement
Wednesday 5th December 2012

(13 years, 10 months ago)

Lords Chamber
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Lord Peston Portrait Lord Peston
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My Lords—

Baroness Kramer Portrait Baroness Kramer
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My Lords—

None Portrait Noble Lords
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This side!

Lord Sassoon Portrait Lord Sassoon
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My Lords, there are 26 million savers with NS&I. We take their interests very seriously. They have over ÂŁ100 billion invested. It is one of the largest savings organisations in the country, and that will continue.

Baroness Kramer Portrait Baroness Kramer
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My Lords, I would like to challenge the Minister’s comments on NS&I. Funding for Lending is a taxpayer-driven programme which has created the collateral damage of allowing banks to cut the interest rate that they offer on savings products, and NS&I has had to follow by cutting its interest rates on savings products. At this time, when savers are under such pressure, could the Minister consider lifting the best-buy restriction so that NS&I could start leading the industry back into paying decent savings returns rather than following the industry on a downward spiral?

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