Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure older people are able to build and maintain savings for retirement.

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 the Government has introduced in recent years.

The Government has increased the amount that individuals, including older people and those of State Pension age, can earn or receive in savings interest before paying income tax to £12,500 per year. As a result, people can keep more of their income to invest as they choose.

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.