Having trailed its appearance in a speech in January, the government has this morning announced details of its Help to Save scheme. Aiming to help those on low-incomes, the programme will provide employees who receive in-work benefits – like tax credit or universal credit – who put aside £50 a month with a bonus of 50 per cent after two years.
Someone who manages to put aside the full amount every month over the two years would have saved £1,200 by the end of the period, and would gain a further £600 on top from the government. So far, so generous – particularly when the Chancellor is busy warning elsewhere that this will be a Budget of cuts.
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