Families on low incomes will each be given up to £1500 as part of a new government scheme which is designed to encourage people to start saving.

Under the Saving Gateway project, families with an income of less than £15,000 a year will double their money if they put cash regularly into a new savings account.

The scheme began in five pilot areas in September and will run for 18 months.

Forum Response: Building Societies Association

Adrian Coles, director-general of the Building Societies Association, told ePolitix.com: "We would have liked building societies to have been involved in the pilot, but that decision has passed now.

"Building societies, with their local community focus are ideally placed to deliver the government's agenda in this area and as mutual organisations, none of the benefits of the scheme would go to shareholders."