HC Deb 06 May 1941 vol 371 cc696-7
50. Mr. A. Edwards

asked the Chancellor of the Exchequer whether he is aware that the War Savings Campaign figures do not indicate genuine savings which should be represented by a corresponding reduction in spending; and whether he will ask the organisers to exclude subscriptions by bankers, insurance companies, building societies and other institutions?

The Chancellor of the Exchequer (Sir Kingsley Wood)

The War Savings Campaign is directed to promoting investment in all Government loans on offer, and the published figures show the total subscriptions to those loans, including increased deposits in the savings banks. I am not prepared to adopt my hon. Friend's suggestion that subscriptions by certain institutions should be excluded, nor can I accept his implication that these subscriptions do not include genuine savings.

Mr. Edwards

Has not the right hon. Gentleman completely misunderstood my Question? Is it not the case that many

of the statements made by Lord Kindersley are not only misleading but foolish; and upon the introduction of compulsory saving would it not not be better to harness this gentleman's energy to a more useful purpose?

Sir K. Wood

I do not for a moment agree with the statement made by the hon. Gentleman. Lord Kindersley has performed very great service.

Mr. Edwards

I am not denying that that is so, but I am saying that the figures do not give the genuine savings of the working people and that they are completely misleading and are fooling people.

Sir K. Wood

I do not agree. The matter was fully explained by my right hon. and gallant Friend the Financial Secretary in the House of Commons a short time ago.