Create an ISA with a variable saving rate that exceeds food price inflation

Rejected 12 signatures

What the petition asks

Create a special ISA for tax free saving that can be opened with £1 and has a lifespan of 2 years. Monthly deposit limit £1000 pcm with no minimum monthly pay in requirement. A variable saving rate that tracks year on year food inflation +3%. On months where money is withdrawn rate drops to just 3%.

The government wants us to reduce our spending in order to bring down inflation but the current approach just involves our money going to the banks through rising interest rates. Why not give us a proper incentive to actively reduce our spending and hold onto our money to stop it entering circulation? The ISA interest rate would be funded through a windfall tax on bank profits.

Why it was rejected

It asked for something that is not the responsibility of the UK Government or Parliament.

We can only accept petitions about things the Government or Parliament are directly responsible for.

The UK Government and Parliament are not responsible for offering savings products. This is a matter for financial institutions.

Timeline

25 Jun 2023	Petition opened for signatures
29 Jun 2023	Rejected by the Petitions Committee

Key facts

Signatures 12

Status Rejected

Rejected 29 Jun 2023

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