Savings Accounts and Health in Pregnancy Grant Bill — Clause 2 — Repeal of Saving Gateway Accounts Act 2009 — 22 Nov 2010 at 19:45

The majority of MPs voted to scrap the Saving Gateway Account scheme.

MPs were debating the Savings Accounts and Health in Pregnancy Grant Bill^[1]. The amendment voted on and rejected was:

• page 2, line 9, leave out Clause 2.

This would have removed the Clause^[2] from the bill which was titled Repeal of Saving Gateway Accounts Act 2009.

The explanatory notes to the Bill^[3] explain what the accounts were to be:

• The Saving Gateway was to be a tax-free cash saving account available to people in receipt of qualifying social security or tax credit awards. At the end of the two year maturity period for a Saving Gateway account, the Government would have made a contribution for each pound that had been saved. Saving Gateway accounts were due to have been available from July 2010.

The explanatory notes go on to state:

• No Saving Gateway accounts have been opened; no individuals have been advised that they are eligible for an account and no account providers have been approved to offer Saving Gateway accounts.
• [1] Savings Accounts and Health in Pregnancy Grant Bill webpage on the UK Parliament website
• [2] Clause 2 of the Savings Accounts and Health in Pregnancy Grant Bill as at 24.11.2010
• [3] Explanatory notes to the Savings Accounts and Health in Pregnancy Grant Bill as brought from the House of Commons on 23rd November 2010

Debate in Parliament | Source |