HC Deb 15 April 1948 vol 449 cc1165-6
53. Mr. Sharp

asked the Chancellor of the Exchequer whether, in order to encourage savings, he will introduce a new National Savings Certificate yielding, approximately, 2½ per cent. rate of interest, and maturing in 10 years, at a price which compensates for any fall in the purchasing power of the savings.

Mr. Glenvil Hall

No, Sir.

Mr. Sharp

In view of the fact that it is necessary for the National Savings movement to have some new goods in the shop window, will my right hon. Friend reconsider this matter, bearing in mind that many people are concerned at the decreased value of their savings, and would like to feel that in 10 years' time the money which they are investing now will have the same value as it has now.

Mr. Osborne

In view of the fact that national savings have lost 40 per cent. of their real value in the last 10 years, will the right hon. Gentleman give some guarantee that in future people who put their money into national savings will be able to get the same value back as they put in?

Mr. Scollan

Is it not the case that the reason for the loss in the value of this money was the five or six years of war, during which time we produced no real wealth and nothing but destructive weapons; therefore, is it not reasonable to assume that if we are given peace for the next 10 years, the value of our money will appreciate very greatly?

Lieut.-Commander Braithwaite

Does not the right hon. Gentleman realise that the solution to the problem posed by his hon. Friends is an immediate change of Government?

Mr. Glenvil Hall

The answer is that the Government are doing all they can to hold the cost of living stable.