Damian welcomes the focus of the Queen’s Speech on financial resilience and how the strengthening UK economy is helping to deliver greater security for working people right across the country.
Damian commented:
“Helping to build financial resilience has been the focus of much that I have worked on since entering parliament, including my time as Chairman of the All Party Parliamentary Group on Credit Unions.
“So I’m especially pleased to see the introduction of the new Lifetime ISA and Help to Save programme, both helping more people save more for their futures.
“The Lifetime ISA means younger people don’t have to choose between saving for retirement and saving for a deposit on a first home; the Lifetime ISA can be used for both. This is especially important in areas with high house prices such as East Hampshire.
“I believe the new Help to Save programme is even more significant. Research shows almost half of UK adults do not have savings of more than an average week’s wages, meaning a ‘shock’ like an unexpected car repair bill can all too easily mean tipping into a debt spiral. Through Help to Save, the government will top up - by 50% - savings up to £50 a month for people in work but eligible for Tax Credits or Universal Credit. This is to make it that little bit easier to start to build up a ‘rainy day’ savings fund.”
Other bills announced in the Queen’s Speech include the Digital Economy Bill to help create jobs and deliver a world leading presence for the UK, the Modern Transport Bill to enable the future development of commercial spaceports and make the UK ready to pioneer driverless cars, and the Local Growth and Jobs Bill to give local authorities full control of the money they raise through business rates to attract business and investment to their local areas.
Damian added:
“A strengthening economy offers choices and opportunity, and the government is using this legislative programme to invest in the infrastructure and industries required to secure growth and jobs going forward.”