BBA: Savings Gateway scheme is innovative

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BBA: Savings Gateway scheme is innovative

The government's new scheme to encourage more people to save has been hailed as "innovative" by the banking industry's trade association.

Angela Knight, the chief executive of the British Banking Association (BBA), said that the government's Savings Gateway initiative was innovative and pledged the support of the UK's banks for the scheme.

The Savings Gateway scheme aims to encourage people on lower incomes to start saving habitually, by promising to match every pound they pay into a Savings Gateway account with a 50p contribution from the government.

Ms Knight said: "It has always been a frustration that the very people who would benefit most from regular saving are those least able to do so."

The government hopes that the scheme will change the UK's saving habits and introduce people on lower incomes and benefits to mainstream financial products.

Announcing the government's Parliamentary agenda - which included the Savings Gateway scheme – yesterday, the Queen said: "My government is committed to helping families and businesses through difficult times."

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