HC Deb 11 July 1939 vol 349 cc2052-3
48. Sir Herbert Williams

asked the Chancellor of the Exchequer whether he can furnish an estimate of the savings of the people through the medium of the various facilities for such thrift; and what has been the increase since the end of 1931?

Sir J. Simon

As the answer to the first part of the question contains a number of figures I will, with my hon. Friend's permission, circulate it in the Official Report. In reply to the second part, the total for 1931 was £2,365 millions; the latest available total is £3,386 millions, an increase of £1,020 millions, or approximately 43 per cent.

Sir H. Williams

Is not that result due to the fact that people have greater faith than they had in 1931?

Hon. Members

Which people?

Mr. Thorne

If I put a question down about the other side of the picture, will theright hon. Gentleman give the facts?

Hon. Members

What is the other side?

Mr. Gallacher

Would the right hon. Gentleman give us the figures of the increase in debt?

Mr. Davidson

How many people spent their savings buying a knighthood?

Following is the answer to the first part of the question:

The following are the main figures normally taken into account in calculations of the nature suggested in the question. There are sometimes added life assurance and an allowance for the equity value of the borrower's interest in property financed by building societies but these are not included in the figures below. It should be noted that:

  1. (a) It is not practicable to frame an estimate of the extent to which these aggregate savings are attibutable to the small saver; the proportion varies in each case.
  2. (b) As far as possible duplication has been eliminated but there still remains a comparatively small amount which cannot be definitely ascertained.

— 1931.£million Latest available figures.
Date. £millions.
National Savings Movement:
* National Savings Certificates 502.4 31st May, 1939 518.6
* Post Office Savings Ban 289.4 31st May, 1939 530.6
* Trustee Savings Banks 141.6 31st May, 1939 245.7
Post Office and Trustee Savings Bank Stock Register (nominal amount). 232.9 31st May, 1939 207.1
1166.3 1502.0
Birmingham Municipal Ban 12.9 31st March, 1938 26.7
Building Societies (Share Capital, Deposits, etc.) 412.2 31st December, 1938 745.5
Industrial and Provident Societies 174.2 31st December, 1937 281.5
Industrial Assurance 280.2 31st December, 1937 417.2
Societies registered under the Friendly Societies Acts- 119.8 31st December, 1937 153.6
Accumulated Funds under the National Health Insurance Acts 127.9 31st December, 1937 138.1
Superannuation and other Trust Funds 42.8 31st December, 1937 75.9
Trade Unions 11.5 31st December, 1937 18.5
Railway Savings Bank 17.2 31st December, 1937 27.5
Total 2365.0 3386.5
* Includes estimated accrued interest.