Oral Answers to Questions

Craig Tracey Excerpts

Monday 5th February 2024 Commons Chamber

[Mrs Flick Drummond (Meon Valley) (Con)]

1. What steps his Department is taking to help people save for the future.

[Craig Tracey (North Warwickshire) (Con)]

10. What steps his Department is taking to help people save for the future.

[James Sunderland (Bracknell) (Con)]

19. What steps his Department is taking to help people save for the future.

--- Later in debate ---

[Mel Stride]

The increase in take-up since 2012 has been extraordinary, particularly among women, for whom the rate was 40% in 2012 and is now 86% and in line with men. My hon. Friend will know about the 2017 review that we conducted on auto-enrolment. As and when we bring in those changes, that will mean 3 million more people auto-enrolled with £2 billion of additional savings each year.

[Craig Tracey]

I am chair of the insurance and financial services all-party parliamentary group, and financial inclusion has been one of our key areas of focus, particularly following the pandemic which showed that anybody has the potential to quickly become vulnerable. What are the Government doing to increase the financial resilience of our constituents and make them best placed to cope should such an unforeseen event happen again?

[Mel Stride]

May I first recognise the fantastic work my hon. Friend does on financial resilience? The Government have, through very difficult times, come forward with £104 billion of cost of living payments between 2022 and 2025. I would point my hon. Friend to one particular scheme: the help to save scheme encourages low-income households to save and we have recently extended that by 18 months, until April 2025.