UK Parliament / Open data

Savings (Government Contributions) Bill

Debate on bills on Monday, 17 October 2016, in the House of Commons, led by Simon Kirby and Jane Ellison. The answering member was Rebecca Long Bailey.
Second reading. Agreed to on question. Programme motion agreed to on question. Queen's recommendation signified. Money resolution agreed to on question. Ways and Means resolution agreed to on question.

About these Parliamentary proceedings

Reference

615 cc605-641 

Session

2016-17

Department

Treasury

Legislative stage

Second reading

Chamber / Committee

House of Commons chamber
Savings (Government Contributions) Bill 2016-17
Tuesday, 6 September 2016
Bills
House of Commons

Proceeding contributions

Jane Ellison | 615 c606 (Link to this contribution)

I beg to move, That the Bill be now read a Second time.

Let me start by reminding the House...

Jonathan Edwards | 615 c606 (Link to this contribution)

Is the Minister at all concerned that this lifetime ISA will introduce an added complexity to the...


Show all contributions (74)
Jane Ellison | 615 c606 (Link to this contribution)

On the latter point, I will discuss advice a bit later on, but we are keen that people have acces...

Jonathan Edwards | 615 c606 (Link to this contribution)

I am grateful to the Minister for giving way again. Their incomes mean that many young people are...

Jane Ellison | 615 c607 (Link to this contribution)

That interaction has been addressed in the Bill’s impact assessment. There was some concern about...

Ian Blackford | 615 c607 (Link to this contribution)

Anyone saving into an auto-enrolment pension will get tax relief up front, but anyone who invests...

Jane Ellison | 615 c607 (Link to this contribution)

Obviously, we have the Government bonus, which I mentioned, but I go back to the point about this...

Gareth Thomas | 615 c607 (Link to this contribution)

Will the Minister acknowledge the concern of some that the two-year qualifying period for Help to...

Jane Ellison | 615 cc607-8 (Link to this contribution)

We have announced that we will be going with a single provider, National Savings & Investments, a...

Jonathan Edwards | 615 c608 (Link to this contribution)

As usual, the House of Commons Library has produced a fantastic briefing on this Bill. In relatio...

Jane Ellison | 615 cc608-9 (Link to this contribution)

We know that, historically—the hon. Gentleman is right on this—it has been difficult to target fi...

Rebecca Long Bailey | 615 c609 (Link to this contribution)

It is a pleasure, as always, to debate opposite the Minister. I thank her for outlining the overa...

Gareth Thomas | 615 c609 (Link to this contribution)

I was grateful to the Minister for her response to my question. Will my hon. Friend commit our Fr...

Rebecca Long Bailey | 615 c609 (Link to this contribution)

My hon. Friend makes important points and we would support him in pushing the Government to respo...

Lucy Frazer | 615 c610 (Link to this contribution)

The hon. Lady helpfully outlined the circumstances in which the lifetime ISA kicks in. Does she w...

Rebecca Long Bailey | 615 c610 (Link to this contribution)

I welcome the Government’s sentiment of encouraging people to save. If I may make a little progre...

Jo Churchill | 615 c610 (Link to this contribution)

Does the hon. Lady agree—this is perhaps unlike some of the measures brought in by Chancellor Gor...

Rebecca Long Bailey | 615 cc610-1 (Link to this contribution)

Indeed. Products need to be explained as simply as possible and there needs to be a commitment fr...

Rebecca Long Bailey | 615 c611 (Link to this contribution)

I will pre-empt the Minister’s reply that help to save is incredibly similar to the saving gatewa...

Jane Ellison | 615 c611 (Link to this contribution)

I do not wish to interrupt the hon. Lady, but it is important to make the point that this is abou...

Rebecca Long Bailey | 615 c611 (Link to this contribution)

I thank the Minister for clarifying that point, but I think that some people would struggle to sa...

Lucy Frazer | 615 c612 (Link to this contribution)

The hon. Lady refers to the impact assessment. After the sentence she referred to, it says:

Rebecca Long Bailey | 615 c612 (Link to this contribution)

I thank the hon. and learned Lady for reading from the impact assessment, but I was asking whethe...

Kit Malthouse | 615 c612 (Link to this contribution)

I have to confess that I am a little confused by the hon. Lady’s arguments. Is she saying that be...

Rebecca Long Bailey | 615 cc612-4 (Link to this contribution)

No, that is not what I am saying at all. It is important that we address this issue, but we have ...

Gareth Thomas | 615 c614 (Link to this contribution)

Before my hon. Friend concludes her speech, might I suggest one further area on which Labour Fron...

Rebecca Long Bailey | 615 c615 (Link to this contribution)

My hon. Friend makes a very important point that Labour Front Benchers are considering in detail....

Robert Jenrick | 615 cc615-6 (Link to this contribution)

It is a pleasure to speak briefly on Second Reading and to support two schemes that are an excell...

George Kerevan | 615 c616 (Link to this contribution)

Many of us in the Scottish National party would agree with everything that the hon. Gentleman has...

Robert Jenrick | 615 cc616-8 (Link to this contribution)

I am interested in the point that the hon. Gentleman makes, and I will say more about the lifetim...

Gareth Thomas | 615 c618 (Link to this contribution)

The hon. Gentleman is making a very powerful application to serve on the Public Bill Committee. G...

Robert Jenrick | 615 c618 (Link to this contribution)

I listened to the hon. Gentleman’s intervention earlier, and I would be interested to hear the Mi...

Ian Blackford | 615 cc618-9 (Link to this contribution)

It is a pleasure to follow the hon. Member for Newark (Robert Jenrick). I was interested that he ...

David Morris | 615 c620 (Link to this contribution)

Does the hon. Gentleman not agree that what Gordon Brown did when he was Prime Minister—taxing pe...

Ian Blackford | 615 cc620-2 (Link to this contribution)

I absolutely agree with the hon. Gentleman that that was the beginning of the end for defined ben...

Jane Ellison | 615 c622 (Link to this contribution)

I draw the House’s attention to the fact that we had DWP questions earlier today, and I am sure t...

Ian Blackford | 615 cc622-3 (Link to this contribution)

That was a politic answer. I cannot help but remark that I asked the Secretary of State for Work ...

Eilidh Whiteford | 615 c623 (Link to this contribution)

My hon. Friend is making a really important point about the advantages of pension saving over the...

Ian Blackford | 615 cc623-4 (Link to this contribution)

My hon. Friend is spot on. Those who are already investing large amounts into pension schemes and...

Kit Malthouse | 615 cc624-5 (Link to this contribution)

I hesitate to detain the House by repeating much of what was said by my hon. Friend the Member fo...

Suella Braverman | 615 c625 (Link to this contribution)

The Money Advice Service recently found that 21 million families had less than £500 in savings. W...

Kit Malthouse | 615 cc625-6 (Link to this contribution)

My hon. Friend has touched on an interesting issue. What she has said reflects one of the observa...

Ian Blackford | 615 c626 (Link to this contribution)

Does the hon. Gentleman not realise that there has been a massive 16% decline in the value of ste...

Kit Malthouse | 615 c626 (Link to this contribution)

I entirely agree that overseas earnings are rising. That is why the stock market has increased so...

Ian Blackford | 615 c626 (Link to this contribution)

Perhaps the hon. Gentleman should ask his postman how much his holiday will cost him next year. T...

Kit Malthouse | 615 c627 (Link to this contribution)

The hon. Gentleman will not be surprised to know that I disagree with him. I hesitate to get into...

Gareth Thomas | 615 c627 (Link to this contribution)

The hon. Gentleman has set out three concerns, if I remember rightly, about Help to Save. I wonde...

Kit Malthouse | 615 c627 (Link to this contribution)

I completely agree with the hon. Gentleman. The Government should look at exactly that. The barri...

Gareth Thomas | 615 cc627-9 (Link to this contribution)

It is a pleasure—on this occasion anyway—to follow the hon. Member for North West Hampshire (Kit ...

Stephen Doughty | 615 c629 (Link to this contribution)

I thank my fellow Co-operative MP for giving way and apologise for not being able to be in the Ch...

Gareth Thomas | 615 cc629-630 (Link to this contribution)

My hon. Friend makes an important point. Many financial services markets around the world are far...

Richard Graham | 615 cc630-1 (Link to this contribution)

I congratulate the hon. Member for Harrow West (Mr Thomas) on his comments, particularly those ab...

Kit Malthouse | 615 c631 (Link to this contribution)

I am a little puzzled by my hon. Friend’s use of the statistic that the under-30s have the lowest...

Richard Graham | 615 c631 (Link to this contribution)

My hon. Friend makes a perfectly reasonable point, but he should bear in mind the fact that opt-o...

Ian Blackford | 615 c631 (Link to this contribution)

Does the hon. Gentleman agree that auto-enrolment has been an enormous success, and that one reas...

Richard Graham | 615 cc631-3 (Link to this contribution)

That is an interesting point. The hon. Gentleman is absolutely right to say that auto-enrolment i...

David Morris | 615 cc632-4 (Link to this contribution)

It is a pleasure to follow my hon. Friend the Member for Gloucester (Richard Graham). I am sure t...

Lisa Cameron | 615 c634 (Link to this contribution)

I do not want to start by correcting the hon. Gentleman, but I am pleased to have a savings accou...

David Morris | 615 c634 (Link to this contribution)

That is part and parcel of the mix. However, this Bill is about where we are going in the future....

Peter Dowd | 615 cc634-5 (Link to this contribution)

We have had a number of contributions. The hon. Member for Newark (Robert Jenrick) told us about ...

Richard Graham | 615 c635 (Link to this contribution)

Just to clarify, I said that the proposal risks undermining saving through a pension scheme and w...

Peter Dowd | 615 cc635-6 (Link to this contribution)

I understand that clarification and I will touch on that topic in my speech.

Finally, the h...

Ian Blackford | 615 c636 (Link to this contribution)

Can the hon. Gentleman shed some light on why he thinks the Government would introduce a Bill tha...

Peter Dowd | 615 cc636-7 (Link to this contribution)

The answer to the first question is that I do not know and the answer to the second is yes.

Simon Kirby | 615 c637 (Link to this contribution)

First, let me thank everyone here today for contributing to this interesting debate. As my hon. F...

Simon Kirby | 615 c637 (Link to this contribution)

I will give way, but I had hoped to address the hon. Gentleman’s many comments later on.

Ian Blackford | 615 c638 (Link to this contribution)

I am grateful to the Minister, but this is an important point. Will he explain to the House why h...

Simon Kirby | 615 cc638-9 (Link to this contribution)

I thank the hon. Gentleman so much for that intervention, but the Government are not doing what h...

Gareth Thomas | 615 c639 (Link to this contribution)

I am grateful to the Minister for his considered response to my request for payroll deduction. Wo...

Simon Kirby | 615 c639 (Link to this contribution)

Yes, I would be very happy to do that.

I thank my hon. Friend the Member for Gloucester (Ri...

Lisa Cameron | 615 c639 (Link to this contribution)

Given that the crux of the matter is to help younger people to save, can the Minister have a dial...

Simon Kirby | 615 cc639-640 (Link to this contribution)

I absolutely agree with the hon. Lady. Making sensible, correct and proper financial decisions is...

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