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Saving scheme 'will help poorest people'

Proposals to extend a scheme to encourage consumers to save have been described as "good news" for people on low incomes.

Chancellor Alistair Darling's Budget announcement to extend the availability of the Saving Gateway scheme will help people who most need financial help, Halifax has claimed.

A pilot of the Saving Gateway initiative helped individuals to save up to £25 per month over an 18-month period.

Under the terms of the scheme, the government matched pound for pound all savings up to a maximum of £375 - giving the lowest earners a greater incentive to save money.

"We welcome the chancellor's announcement to extend the availability of the Saving Gateway initiative," Tony Wilcox, head of savings at Halifax said.

"This is good news for those savers who need the most help," he added.

Halifax was the sole provider of the initial scheme in 2002, during which 1,500 accounts were set up in south east Manchester, the Tower Hamlets borough of London and parts of Cumbria and Cambridgeshire.

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