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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Thursday 15th May 2008
Low income groups are set to benefit from a new government scheme to encourage them to save more of their income.
Gordon Brown announced the nationwide roll-out of the National Savings Scheme in today's draft Queen's Speech.
The scheme will see the government match any savings contributions made by participants.
Mr Brown said: "The Queen's Speech will also introduce a savings bill to help homeownership and wealth ownership generally - giving eight million people on low incomes access to a national savings scheme, with each pound saved matched by a contribution from the government."
Since 2001, trials of the scheme have resulted in some £15 million being saved by 22,000 participants.
Mr Brown also unveiled the Banking Bill, which will raise the guarantee for savers' deposits from £35,000 to £100,000.
The bill has been introduced following the Northern Rock crisis, which saw its customers stage the first run on a UK lender since the Victorian era.
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