Northumberland Labour Group says it’s delighted that Labour leader Sir Keir Starmer is suggesting that people can have a stake in the country’s recovery by investing in British Recovery Bonds.

Northumberland Labour Shadow Cabinet Member Mark Purvis said: “Labour gets accused of being ready with criticisms of the government but without any alternatives or solutions. The idea of these bonds is very creative and a way that the people who have been able to save during the pandemic can use their savings safely and securely to help the country recover.  It’s a brilliant idea.”

Labour analysis has shown that there is likely to be around £250bn savings across those households which have been able to save during the pandemic because of not going on holiday, not having meals out, social gatherings or making major purchases.

Mark continued: “While people will want to go on holiday when they can, the Bank of England suggests that only around five per cent of people’s savings will be spent and the rest is likely to sit in bank accounts.

“To build an economic recovery for the long term, Labour wants to see people being given the chance to use their Covid savings to support investment in projects that will build economic security.=

“The bonds would be set up so that people’s money is safe and secure and people can withdraw their savings early if they need to at a lower rate of return, like the previous NS&I savings bonds.

“So many people have said that, after this pandemic they want a country which is kinder and more compassionate. This idea is a practical way that people who have been able to save during the pandemic can contribute to a recovery which will benefit everyone.”