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Halifax picked for new government savings initiative

The Treasury has selected the Halifax to pilot its Savings Gateway initiative during a two and a half year trial period.
The announcement, included in the documents accompanying the budget, means that from August, the high street bank will be the sole provider of one of the Treasury&#39s key initiatives to motivate lower earners to save.
Four sites have been selected to run the pilots these include Gorton near Manchester, Tower Hamlets in London, Cumbria and Cambridgeshire. They will be run in conjunction with the Community Finance and Learning Initiative and led by the Department for Education and Skills.
For every pound up to £1,000 saved by lower earners, the criteria for which has yet to be defined, the Government will match the contribution. The schemes will run for five years and maximum monthly contributions will be £25.
The Gateway is a cash only savings vehicle and is avialable in addition to individuals annual stakeholder and Isa limits.
Halifax spokesman Mark Hemmingway says: “Out of all the submissions by interested parties the Treasury chose the Halifax for its partners. We are the largest savings provider and the largest provider of social banking in the UK so it is not surprising we were selected.”


Hymans appoints senior partner

Actuarial firm Hymans Robertson has appointed Ronnie Bowie as senior partner to replace Mike Arnold. Arnold is leaving to become senior principal of newly established firm Milliman UK, Hyman’s former insurance division. Bowie has been head of Hyman’s employee benefits practice for six years and will divide his time between the firm’s four offices in […]

MPC will be disappointed by budget says R&SAIM

The Monetary Policy Committee will be disappointed by the Budget because it offers no help for interest rate expectations according to a former senior Bank of England economist.Steven Andrew, now senior economist with Royal & Sun Alliance Investment Management after 10 years with the Bank, says Brown announced more Government spending but no offsetting measures […]

New call centre for Virgin

Current account mortgage lender Virgin One is creating 300 new jobs with the opening of a banking service centre in Horwich, Lancashire.The office will provide customer services for Virgin One&#39s 82,000 account holders and provide back-up to the company&#39s main operation in Norfolk.Virgin says it expects to recruit 40 people in a variety of jobs, […]

Merrill Lynch – FTSE 100 Stepped Growth & Income Investment

Wednesday, April 17 2002 Type: Capital protected bond Aim: Income or growth linked to the FTSE 100 index Minimum-maximum investment: £7,000-no maximum Term: Seven years Guarantee: Capital returned in full provided the FTSE 100 does not fall by more than 39% Return: Up to 170% growth at end of term or 8% gross a year […]


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