Part of Oral Answers to Questions — Prime Minister – in the House of Commons am 11:30 am ar 6 Mai 2009.
As the hon. Gentleman knows, the worst thing that could happen to savers would be rampant inflation wiping out the value of their savings. We have kept inflation low during the past 11 and 12 years. The second thing that we have tried to do in the Budget—particularly for elderly savers—is to increase the amount of money that can be invested in individual savings accounts. Soon that will be £10,000 a year. We are aware that low interest rates put additional pressures on savers. We have taken action in the Budget to help them, and I hope that the hon. Gentleman will support that.
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Ian Simcox
Posted on 7 Mai 2009 2:56 pm (Report this annotation)
It's no good increasing the tax free amount in a savings account when it is making little or no interest. And why exactly are elderly savers preferred to younger savers? Surely all savers should be rewarded for not being a part of this debt crisis.