The Chancellor today gave more details of the new Saving Gateway, which will provide an incentive for about eight million people on lower incomes to acquire the savings habit.

The first accounts in the new scheme will be available to savers in 2010 and Mr Darling announced that the Government will contribute 50p for each pound that an individual saves in the scheme. The maximum Government contribution will be £300 per person.

Among the people who will qualify for the scheme are those on a range of benefits, plus those in receipt of working tax credits or income support. Any who wish to join the Gateway will sign up to save a monthly amount for two years with a bank or a building society, at the end of which the Government will chip in its additional contribution.

The proposals have received a mixed welcome from financial experts. Rachel Le Brocq, of the Building Societies Association said: “We welcome the opportunity for building societies to be involved in the Saving Gateway scheme. The BSA has been working with HM Treasury on the development of the scheme and we believe it should be as simple as possible, minimising the administrative burden and reporting requirements.”

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But Mike Warburton, of Grant Thornton, the accountant, was less enthusiastic. He said: “Limiting the Government’s matching amount to 50p per pound, and the total payable to £300 per person, is not very generous. This Government has largely ignored savers, which is why the savings ratio has fallen from about 8 per cent of income when it came to power to less than zero today. People are now dipping into their savings rather than putting money aside for a rainy day.

“If the Government is serious about saving it should introduce measures which encourage saving and discourage spending. Most of the measures in this Pre-Budget Report are designed to encourage spending.”