Savings schemes for the ‘middle classes’

Sir, – “A new savings scheme for Ireland’s ‘middle classes’: Here’s what we know so far” (Your Money, February 17th) notes there is €170 billion in personal savings accounts in Ireland, earning little or no interest. The Minister for Finance is considering a new scheme whereby everyone would be encouraged to take a gamble on stocks and shares.

I, for one, would be delighted if instead there was a national solidarity scheme, where deposits would attract a modest interest rate tax-free, the State would provide a guarantee – and the money would be used by the State to build social houses to address the national housing crisis.

There are plenty of successful schemes in other European countries we could model it on – for example, the French Livret A idea, where household savings are channelled into financing social and affordable homes.

How can it be that we don’t treat housing as the national emergency that it plainly is? – Yours, etc,