Saving Gateway Accounts Act 2009
Encyclopedia
The Saving Gateway Accounts Act 2009 (c. 8) is an Act
of the Parliament
of the United Kingdom
. It made provision for saving gateway accounts.
The Act was originally planned to commence in July 2010, and was aimed at encouraging the poorest to save.
Following the 2010 General Election, the new Coalition government scrapped the planned introduction, with Chancellor George Osborne
saying that the scheme "not affordable". The Act was repealed by the Savings Accounts and Health in Pregnancy Grant Act 2010
on 16 February 2011.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament
Parliament
A parliament is a legislature, especially in those countries whose system of government is based on the Westminster system modeled after that of the United Kingdom. The name is derived from the French , the action of parler : a parlement is a discussion. The term came to mean a meeting at which...
of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It made provision for saving gateway accounts.
The Act was originally planned to commence in July 2010, and was aimed at encouraging the poorest to save.
Following the 2010 General Election, the new Coalition government scrapped the planned introduction, with Chancellor George Osborne
George Osborne
George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in...
saying that the scheme "not affordable". The Act was repealed by the Savings Accounts and Health in Pregnancy Grant Act 2010
Savings Accounts and Health in Pregnancy Grant Act 2010
The Savings Accounts and Health in Pregnancy Grant Act 2010 is an Act of the Parliament of the United Kingdom. It ends government support of Child Trust Funds, the Saving Gateway and the Health in Pregnancy Grant....
on 16 February 2011.