Oral Answers to Questions
Debate between Gareth Thomas and Jeremy Hunt
Tuesday 14th November 2023
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(1 year, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jeremy Hunt
That was a very nice try, but my hon. Friend will have to wait for a week.
Gareth Thomas (Harrow West) (Lab/Co-op)
Opt-out savings are a little like auto-enrolment in pensions. They help those on lower incomes to save for a crisis—for the proverbial rainy day. Given that more than 9 million people in this country are in work with no savings at all, will the Chancellor note the impressive results of a small trial of the opt-out savings system in Manchester, and encourage its expansion?
Jeremy Hunt
I would be happy to do that. The hon. Gentleman is right: if we are to grow faster as an economy, the other side of the coin is we that need to save more, and we should be encouraging everyone in all income groups to do so.