Speeches by Reynolds.

“They might start to contribute in the future. People move out of employment and self-employment. If you are self-employed, this might be quite an interesting product. There are others, as I have said, to save for a pension, but this is one. As Ms Webster said, it means you get your income taxed TEE; it is taxed when yo…”

“It is better to ask Michael Johnson about this, or a member of the previous Government, but, to be fair to them, it is a midway point between when you are able to take your pension early and when you take your pension, if you see what I mean.”

“No, because you can still take some of your pension early, do not forget, so 10 years before you retire. At 60, this is a midway point between that and when you do retire.”

“It is not the only product out there for the self‑employed. If this was the only thing the Government or the previous Government were doing to help the self-employed, it would not be enough. There is a question as to what we do to help the self-employed save for a pension, because it is not as easy, is it? The w…”

“It is a flexible product. It could be for the self‑employed, but it could be for employees who have an employer that is perhaps not matching the amount they are putting in.”

“They will get advice only if they pay for it, and they get targeted support if they do not pay. Well, at the moment they do not get anything, really.”

“It is a concern about all financial products, but that is what we are trying to solve. This whole problem of that big gap is something that we are trying to solve through the advice guidance boundary review.”

“We are not here to give financial advice to people. It will depend very much on your circumstance. It will depend on your allowance. It will depend on what your employer does in terms of contributions. It will depend whether you prefer to pay tax up front and be exempt, exempt, so the TEE, which is what Michael Johnson…”

“Yes. The original intention for the basic-rate taxpayer was EEE, but you have to assess that in the round on anything else that you are doing with your money. We have to be careful here. Providers have to be careful to give advice, but I do not want to be quoted from this Committee as saying, “If you have this amount o…”

“We should dig into it more, but what I will say is that it is one savings product, right? There are lots of people between the ages of 18 and 39 who have access to different savings products. It is one of a suite of savings products, so you would not expect the take-up to be a huge percentage. I agree with you that 6% …”

“Those are a lot of hypotheticals. We want to be led by the evidence. We need to look at the evidence. There is significant social benefit in ensuring that we have more first-time buyers. It is something that the Government are prioritising. There are different ways you can do that, as I have suggested. The planning ref…”

“It is not about whether I like it.”

“There are pros and cons. Government is about trade-offs. It is healthy to look at it in the round of the broader ISA framework, but also to see what the advantages and disadvantages of it are. There are advantages to it and there are disadvantages. Some of those have been brought out in your evidence sessions. I am rel…”

“That is what has happened in previous cases, if you look at the help to buy ISA.”

“That will have had an impact on the figures in the early lifetime of this product, because you were still able to subscribe to the help to buy ISA.”

“We know that over 1 million people are invested in this. There is £5.5 billion invested in it. We want to provide reassurance to those people that we want to encourage them to keep saving. We see this as a product that is helping them to do that, but we are looking at the reform of the ISA landscape more broadly.”

“It is a great pleasure to serve under your chairmanship, Mrs Hobhouse; congratulations on your appointment to the Panel. Thank you for presiding over this very good-natured Westminster Hall debate. I wish everybody a happy Easter—I do not know about everybody else, but for me, it is the first day back from a nice Easte…”

“I have heard the hon. Lady’s representation, and I am sure that people in the Treasury hear that representation. I would mention to her more broadly that we have committed to one fiscal event a year, rather than the two or three that we might have seen from the previous Government—we might have got a third one in Septe…”

“Credit unions, mutuals and co-operatives play a hugely important role in our economy and our society. That is why the Government—as my hon. Friend will know, given that she stood on the same Labour manifesto as me—promised in our manifesto to double the size of the mutuals sector, why the Chancellor asked the FCA and t…”

“Such great cross-party working—do not tell anyone else about it! It is really good to work with the hon. Gentleman. I remember fondly—well, not that fondly—being a shadow Minister and having very good, if different, working relationships with the Ministers who I shadowed. I very much welcome the constructive way in whi…”