Saving Gateway Accounts Bill

I welcome the support from both hon. Gentlemen for the amendment. Let me pick up on a couple of the points that were made. Both hon. Gentlemen made a point about the seven years. We must take into account the fact that any review of the effect of the saving gateways accounts will have to consider account holders' attitudes and behaviour during the two years that the account will last and for a reasonable period afterwards. It would also be desirable for the research sample of participants to include both those people who opened their saving gateway account when the scheme was launched and those who opened theirs later, once the scheme was up and running. We also have to bear in mind that within that seven year period, the researchers must have appropriate time to prepare their conclusions and findings and HMRC and HM Treasury must have time to consider those findings carefully and to prepare a report. We must remember that that is the latest time at which a report can be published, not the earliest. If there are benefits to conducting and publishing the review earlier, the new clause provides sufficient flexibility for that to happen. The hon. Member for Fareham (Mr. Hoban) asked about take-up. My noble Friend Lord Myners announced in the other place that HMRC would be publishing data on the saving gateway at least annually. That will include data on the number of notices of eligibility issued by HMRC and the number of accounts opened, so take-up rates will be clear. The independent review can also consider that in the context of barriers to the opening of accounts under subsection (1)(d) of the new clause. Finally, on financial education, the advice, information and education available to people who are seeking to open an account or whose account is nearing maturity can also be considered by the review when it considers barriers to the opening of accounts and the effects of the scheme on participants' saving behaviour and their involvement with financial institutions. If a more detailed focus on advice and information on the saving gateway is considered appropriate, the new clause has the flexibility to allow that as part of the review. I hope that we will be able to agree to Lords amendment 7. Lords amendment 7 agreed to. Lords amendment 8 agreed to.