Saving Gateway Budget

It has been announced in the Budget that the Government will proceed with the introduction of a national Saving Gateway, to be administered by HMRC, in 2010. The Saving Gateway is a cash savings account for those on lower incomes. It provides a financial incentive to save, through the Government matching money which people save into the scheme.

The Government has published a consultation document 'The Saving Gateway: operating a national scheme' setting out proposals for the design and operation of a national scheme. A copy of the consultation document can be viewed on the Treasury website.

The period of formal consultation will run until 4 June 2008 and the Government welcomes views on any of the issues covered in the consultation document.