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Govt has no estimate of tax revenue if savings rise

The Government admits it has not estimated how much increased tax revenue would be generated if consumers started saving more.

Paul Gray, second permanent secretary at the Department for Work & Pensions told the committee there were no official estimates of the revenue implications of people saving more.

He was asked by Labour MP Karen Buck what thinking the Government had done on the subject as part of its Pensions Green Paper. Gray said that, while tax revenue would obviously increase if people saved more, there were no official estimates of how much.

Buck also asked whether the Government had ruled out offering even greater tax relief than currently offered to higher-rate taxpayers in an attempt to convince them to save more.

Pensions minister Ian McCartney said the Government thinks the tax relief balance is correct and that no decisions had been made to change that balance.

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