EMPLOYEE SHARE OWNERSHIP SAVINGS LIMITS

That this House welcomes the fact that over two million UK workers are making monthly saving contributions into either Save As You Earn (SAYE) or Share Incentive Plan (SIP) all-employee share plans; notes that SAYE all-employee share plans have enjoyed cross party support since their introduction in 1980 as have SIPs since their introduction in 2000; further notes that the monthly maximum SAYE savings limit of 250 poundsper employee has not been increased since 1991 and that the annual SIP savings limit of 1,500 poundsper employee has not been increased since 2000; further notes that had these savings limits been increased in line with inflation they would stand at 450 poundsa month and 2,000 poundsa year respectively; and agrees with ifs ProShare, the not-for-profit voice of the UK employee share ownership industry in the UK, that the Government should therefore raise the monthly savings limits to 450 poundsa month for SAYE plans and 2,000 poundsa year for SIPs as well as ensuring they are both increased in line with inflation on an annual basis.