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Savings scheme unveiled for low income groups

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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