personal equity plans have been very successful since their introduction in 1986. Over £15 billion has been invested in over 4 million plans to date. They have widened share ownership and played an important role in providing finance to industry. I want to take that success further and in particular to widen the type of finance available to industry through PEPs.
I propose that, from next year, people will be able to invest through PEPs in a range of corporate bonds, convertibles and preference shares, and not simply equities. This change is expected to cost £10 million in 1995–96 rising to £40 million in 1997–98.