§ 66. Major Lyonsasked the Chancellor of the Exchequer whether, as a further incentive to the savings campaign, he will consider arranging for increasing the maximum limitations for the holding of War Savings Certificates, and/or annual deposits in the Post Office Savings Bank?
§ 67. Mr. Sutcliffeasked the Chancellor of the Exchequer whether he will consider extending to £1,000 the limit for individual holdings of War Savings Certificates, in view of their popularity with the small investor?
§ Sir Kingsley WoodThe terms of National Savings Certificates and the Post Office and trustee savings banks are more favourable to the investor than those offered by any other Government security currently on issue. The limits on individual holdings are kept constantly under review, but I would not feel justified in increasing them unless I had clear evidence that the existing limits were hampering saving by the small investor for whom these channels are designed.
§ Major LyonsIn view of the fact that interest from Post Office accounts are liable to Income Tax, will not my right hon. Friend reconsider his position?
§ Sir K. WoodWhile I cannot wholly agree with the first statement of my hon. and gallant Friend, I would add that I have this matter constantly under review.
§ Mr. SutcliffeWill my right hon. Friend consider raising the limit above £500, even though no interest is paid above that amount, as many people would no doubt welcome such a step?