Saving Gateway Accounts Bill

I beg to move, That the Bill be now read the Third time. We had an interesting debate on Report, and I am grateful to all the hon. Members who took part in it, and to the Members of all parties who contributed in Committee. I am grateful for the constructive approach that all sides took in the Committee sittings, and for their approach to the Bill in general. We had some very useful debates and we have made some progress in understanding the Bill. I would also like to thank those witnesses who took the time to give evidence to the Committee. As hon. Members will know, the Bill will create a national saving gateway scheme from next year. The scheme has two objectives: first, to kick-start the saving habit among working-age people on lower incomes, and, secondly, to promote financial inclusion. Those objectives have been widely welcomed in this House and beyond. The pilots that were run over recent years showed that the saving gateway can achieve these objectives. Sharon Collard, who helped to evaluate the first pilot, told the Committee in our evidence sessions that"““the aim of the saving gateway is to kick-start a savings habit...There is evidence that that can happen.””" We designed the scheme carefully, learning the lessons from the pilots, and during the debate we touched on many major aspects of how the scheme can work. We have, rightly, paid close attention to eligibility, which we discussed again today. I agreed in Committee to continue to consider the case for the carer’s allowance to be a qualifying benefit. As I said then, carers will be eligible for the saving gateway through the qualifying benefits that are already set out in the Bill, but as I said on Report, the Government are minded to table amendments in the other place to ensure that recipients of carer’s allowance who are of working age are entitled to participate in savings gateway accounts. We looked at the match rate on Report, and at the Government’s proposed contribution of 50p for each pound saved in the scheme, and I believe that all parties, and the witnesses in Committee, agreed that that is the right level at which to set the rate. We covered various aspects of the scheme’s design, such as the monthly deposit limit, the length of accounts and what should happen to the accounts when they mature. There has also been debate about delegated powers, and the procedure to be followed for their exercise. As I said in response to the amendments of the hon. Member for Fareham (Mr. Hoban), we believe that we have struck the appropriate balance, but we will continue to consider the issue in the light of any forthcoming report from the Delegated Powers and Regulatory Reform Committee in the other place. These have been useful debates, and we were pleased to have the opportunity to put the Government’s thinking to the test and to put these issues on the public record, as well as to debate them with Members on all sides of this House. I believe that this is an important Bill. The fact that there is such a broad political consensus should not detract from the fact that we are taking steps to establish a national savings gateway scheme for the first time, which will give around 8 million people a strong incentive to save. By giving them a chance to save up to £600, and earn up to £300 from the Government, but also by helping to build a lifetime savings habit and by bringing people into the financial mainstream, the Bill can make a real difference to people’s lives and I commend it to the House.