Belfast Telegraph

Tuesday 22 July 2014

Gregory happy at Tory support

The DUP has welcomed support from Ulster Unionist political partners, the Conservatives, for a House of Commons motion demanding Government action to protect savers.

Executive Minister Gregory Campbell said a motion he tabled last month has since been supported by the Tories.

“I welcome the fact that the Tories have joined with the DUP in calling for government action to protect savers in these very difficult times,” the East Londonderry MP said.

His motion states: “This House recognises that there are six times more savers in the UK than mortgage holders (and) further recognises that saving is a practice that should be encouraged but has declined rapidly in recent years.”

It asks Parliament to acknowledge “that older people in particular are being hit by very low interest rates and age allowance clawback rules that can disadvantage some of those whose income is just less than national average earnings, to the extent of placing them in a marginal tax rate position of 30%”.

Mr Campbell said: “It is imperative that government acts to help those who are suffering as a consequence of the continual decline in interest rates. The scale of the problem cannot be underestimated, especially for those who rely upon income from savings to keep their head above water.”

He said he tabled his motion on December 18 before the Opposition made its call on the Government to intervene.

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