HC Deb 08 October 1941 vol 374 cc993-4
The Chancellor of the Exchequer (Sir Kingsley Wood)

It will be remembered that, following my announcement in the Honse on 7th August last, the issue of 2½ per cent. National War Bonds, 1946–48, was discontinued after 14th August. The final total of that issue was approximately £494,000,000. During the last two months there has been available to the larger investors only the issue of 3 per cent. Savings Bonds, 1955–65; these bonds will continue on tap, but I think that it is now desirable to resume the issue of a shorter security. From to-morrow and until further notice, therefore, subscriptions will be invited to a new issue of National War Bonds. The rate of interest will be 2½ per cent., and the Bonds will be issued at par. They will be repaid at par on 1st August, 1951, at the latest, but there will be an option to the Treasury to redeem them at par on or after 1st August, 1949. The maximum currency of the Bonds is thus 9 years 9½ months, as against 7 years 7½ months for the last issue of National War Bonds, and we are, therefore, again able to make an issue on terms more favourable to the Exchequer than previously. I have no doubt that these Bonds, like the preceding issue, will meet with a ready and favourable response from investors.