SAVINGS AND THE CO-OPERATIVE INSURANCE SOCIETY

Summary

That this House re-affirms its support for the Government's determination to combat all forms of social and financial exclusion while promoting social inclusion; notes that many people are still excluded from mainstream financial services and are unable to enjoy the benefits of tax-efficient savings schemes; recognises the importance of ensuring that low-income households benefit from such programmes; welcomes the attempts of some financial service providers to attract previously excluded families to the benefits of these schemes; welcomes, in particular, the success of the Co-operative Insurance Society (CIS) in attracting over 200,000 customers into the new Individual Savings Accounts (ISA); notes that 70,000 of these accounts belong to customers who previously did not enjoy regular tax-efficient savings; and calls on the Government to build upon the achievements of the ISA in broadening the net for tax-free savings when designing its proposals for stakeholder pensions.

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Timeline

1. 27 January 2000

   Early Day Motion

   That this House re-affirms its support for the Government's determination to combat all forms of social and financial exclusion while promoting social inclusion; notes that many people are still excluded from mainstream financial services and are unable to enjoy the benefits of tax-efficient savings schemes; recognises the importance of ensuring that low-income households benefit from such programmes; welcomes the attempts of some financial service providers to attract previously excluded families to the benefits of these schemes; welcomes, in particular, the success of the Co-operative Insurance Society (CIS) in attracting over 200,000 customers into the new Individual Savings Accounts (ISA); notes that 70,000 of these accounts belong to customers who previously did not enjoy regular tax-efficient savings; and calls on the Government to build upon the achievements of the ISA in broadening the net for tax-free savings when designing its proposals for stakeholder pensions.

   Source: Early Day Motion

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Sponsors

• Mr Andrew Love · Labour · Primary sponsor

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