Savings (Government Contributions) Bill (First sitting)
Debate between Lucy Frazer and Kelvin Hopkins(7 years, 7 months ago)
Public Bill CommitteesRead Full debate Read Hansard Text
Lucy Frazer (South East Cambridgeshire) (Con)
Q The Bill provides that you can take your savings out to buy your first home. Are there any other circumstances in which you think you ought to be able to take your money out?
Carol Knight: Yes. We ran a survey to get feedback from consumers and the industry. There were two, or maybe three, other areas where the feedback indicated that including additional lifetime events would be beneficial. One was critical illness and the other was redundancy. Those are incidents that are outside people’s control and that place a huge demand on finances. The other one was buying a second home, too. It is not just about your first-time purchase, but when you start a family and want to move on. Those are three additional lifetime events that we believe could be incorporated within the scheme.