§ 46. Sir Waldron Smithersasked the Chancellor of the Exchequer what is the amount of accrued interest on all forms of war savings on which accrued interest is payable.
§ Sir S. CrippsThe interest estimated to have accrued on outstanding National Savings Certificates up to the 31st October, 1948, is £383.6 million, but it is impossible to calculate how much accrued 1020 interest is attributable to Certificates purchased during the war. The question does not arise as regards other forms of war savings.
§ Sir W. SmithersWill the Chancellor of the Exchequer give an undertaking that this large liability is fully explained in the national accounts; and, what is more important, will he take into account this very large liability when framing his next Budget?
§ Sir S. CrippsLiabilities are always taken into account when framing Budgets.
§ 47. Sir W. Smithersasked the Chancellor of the Exchequer what is the total amount of war savings in all forms at the latest available date.
§ Sir S. CrippsWar savings, defined as gross purchases of National Savings Certificates in the war period from September, 1939, to August, 1945, plus the increase over the same period in the amounts standing to the credit of depositors in the Post Office Savings Bank and Trustee Savings Banks and in the amount of stock held on the Post Office Register, amounted to £3,649 million. It is not possible to calculate how much of these war savings have been withdrawn or encashed; but the total of National Savings Certificates outstanding, including accrued interest, and of deposits in the Post Office and Trustee Savings Banks, and of stock on the Post Office Register, was £6,044 million at 31st October, 1948.
§ Sir W. SmithersWill the right hon. and learned Gentleman say when he thinks the British public will realise that every penny they give to national savings is subsidising the disastrous policy of Socialism?
§ Sir S. CrippsI do not think they will ever be so stupid.
§ Mr. ScollanIn view of the interesting figures given of the proportion belonging to the working classes—
§ Mr. ScollanNot the hon. and gallant Gentleman anyway. In view of the fact that £19 million is in the hands of the investing classes, will my right hon. and learned Friend say what is the cost of interest on this sum to the National Debt?