Saving Gateway Accounts Bill

The debate about amendment 1 has been helpful because it gets to the heart of what the Bill is about. The ultimate success of the Bill would be achieved if people changed their behaviour and were encouraged to save, so it would be unfortunate if we left the post-savings gateway account period in any degree of uncertainty. That would affect two of the Bill’s long-term-success criteria, outlined in Committee by my hon. Friend the Member for Fareham (Mr. Hoban). One was about persistency—about whether the Bill will make the culture change happen. The second was about the increase in net wealth that ought to come with it. Brian Pomeroy added the criterion of wider entry into financial inclusion. One of the most telling remarks in the evidence sittings came from Teresa Perchard of Citizens Advice, who talked about how we all feel an inertia about banking—even those of us who are experienced at banking. She said:"““Everybody hates their bank but will not shift accounts.””––[Official Report, Saving Gateway Accounts Public Bill Committee, 27 January 2009; c. 16, Q33.]" That inbuilt inertia is also a good reason for the sentiment behind the Bill and for making the post-account period clearer in relation to what we expect to happen as a result of it.