Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to encourage the elderly to accrue personal savings.
The Government is committed to supporting people of all incomes and at all stages of life to save.
Older people will continue to benefit from a number of measures this Government has introduced in recent years.
The amount of money that people can save into their ISAs each year (the annual subscription allowance) has been increased to a record £20,000.
Since April 2016, individuals have also been able to benefit from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.
As a result of these measures, over 95% of people with savings income pay no tax on that income.