Property News · June 24, 2010

Budget: saving scheme for low earners scrapped


Treasury slams the door on Labour’s Saving Gateway which aimed to give 50p boost for every pound savedThe government has quietly scrapped one of Labour’s flagship initiatives to encourage Britain’s financially excluded people to save.The Saving Gateway, a scheme designed to encourage those on a low income to save by boosting every £1 saved by an individual with 50p from the government, was due to launch nationwide on 1 July. But on Tuesday as part of the measures announced in the budget, HM Revenue and Customs told the financial institutions that were going to be operating the scheme on behalf of the government that it would not be going ahead because of monetary constraints. Continue reading…

Source : theguardian.com
Read more…Budget: saving scheme for low earners scrapped

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