ieExplains: How will the new Government saving scheme work?

Finance minister Simon Harris is seeking to introduce a new 'Personal Investment Account' which will allow people to save money and receive interest back on their investment

Finance minister Simon Harris at the unveiling of the Government's new savings and investment scheme on Tuesday. Picture: Stephen Collins/Collins

Finance minister Simon Harris held the first annual Savings and Investment Forum earlier this week to seek opinions from stakeholders on his plans for a new personal investment account.

But what is he seeking to do, and, more importantly, will it work?