Stephen Bates, the Conservative candidate for Newcastle North at the General Election has welcomed the launch of a new National Savings and Investments Bond for pensioners.
The new bonds for people aged 65 and over will offer market-leading rates and support people who rely on their savings in retirement. Two bonds are being launched:
• A one year bond will offer returns of 2.8 per cent gross/AER interest,
• A three year bond will pay 4 per cent gross/AER interest.
£10 billion has been made available to allow these bonds to be issued – this should ensure these bonds are on the market for a period of months, giving those pensioners who wish to take advantage of the rates plenty of time to do so.
Stephen said:
“A key part of our long-term economic plan is to support savers and boost hardworking peoples’ financial security at all stages of life.
“That’s why we’ve introduced government-backed savings bonds for people aged 65 and over that pay the best interest rates in the market. They have already been a huge success and because this is the biggest ever retail bond offer, these bonds will be available for many months.
“This is great news for pensioners in Newcastle North. It’s time savers were rewarded and these bonds do that by giving older savers the certainty and comfort of a good return over the life of their investment.
Stephen - who was born and bred in Gateshead and studied at Newcastle University for his second of three degrees - is also delighted to have been selected as the Conservative candidate for Newcastle North at the General Election.
"It is a huge privilege for me as a passionate Geordie to seek to represent the people of Newcastle North at Westminster. As a compassionate Conservative, I want to free Newcastle form the shackles of Ed Milliband's Labour party."
"My three priorities are: first, to work to put Newcastle at the heart of an economic powerhouse through which, like our football team, we are no longer intimidated by 'big clubs’ in the South nor squeezed out by Scotland.
Second, I want to relentlessly focus on waste - whether that be financial; waste of human talent; or indeed waste of our natural resources.
Third, having built the right economic foundations and taken difficult decisions, I want to make sure we do our utmost to support those most in need in Newcastle.
As such, I want to echo the words of John Wesley who re-invigorated a spiritually shackled nation centuries ago, by creating an environment where you and your families are able to “work all you can, save all you can and give all you can”.