Christmas Bonus (Specified Sum) Order 2008

Clearly, with interest rates at a lower level, the rate will have gone down. However, the key point is that most people do not have £6,000-worth of savings and do not come within the tariff, and therefore the interest that they receive is effectively ignored in this calculation. I do not have the data regarding when the threshold was first fixed and what the interest rates were then, but I shall be perfectly happy to have that checked and shall write to the noble Lord. Since the tariff has been introduced, interest rates have gone up and down—and who knows what their future passage will be? However, I stress again that 80 per cent of pensioners do not have savings above that level and are therefore not affected at all by the tariff. I hope that that has dealt with each of the points raised, although, if not, I shall be perfectly happy to try again. Otherwise, I ask that the order be accepted. Motion agreed.