HC Deb 04 May 1948 vol 450 cc1095-6
62. Mr. Gammans

asked the Financial Secretary to the Treasury what were the net amounts obtained from small savings in the January to March quarters for 1946, 1947 and 1948.

Mr. Glenvil Hall

With the hon. Member's permission, I will circulate a table of the figures in the OFFICIAL REPORT.

Mr. Gammans

Does the right hon. Gentleman agree with the Chairman of the National Savings Committee that the falling off in savings is due in no small degree to the capital levy, and does the Government agree that either they can have the capital levy or a National Savings Movement, but they cannot have both?

Lieut.-Commander Gurney Braithwaite

As there are only three figures, cannot the right hon. Gentleman give them?

Mr. Glenvil Hall

Certainly, if the Houses wishes. In 1946, £143.9 million; in 1947, £121 million; in 1948, £83 million.

Mr. C. Williams

May I ask the right hon. Gentleman how he accounts for this continual fall in savings? It is almost as bad as the unpopularity of the Government—it gets worse every day.

Mr. Glenvil Hall

I think it is possible that some of the falling off is due to sabotage on the part of the Opposition.

Mr. Sydney Silverman

Can my right hon. Friend say how much, if any, of this falling off is due to the increased cost of living during that period?

Mr. Gammans

Does the right hon. Gentleman regard the statement of the Chairman of the National Savings Committee as sabotage?

Mr. Glenvil Hall

No, but I think that what he said was probably mistaken.

Lieut.-Commander Braithwaite

Can the House be given the authority on which the Financial Secretary expressed his opinion that sabotage was responsible for the falling off?

Following is the statement:

— 1946. 1947. 1948.
£m. £m. £m.
Savings Certificates 18.8 40.6 29.3
Defence Bonds 66.4 38.1 2.5
Post Office Savings Bank. 41.3 27.7 28.2
Trustee Savings Banks 17.4 14.6 23.0
143.9 121.0 83.0

Notes:

(1) The above figures are net of all encashments and withdrawals, and exclude interest accrued on Certificates and Savings Bank deposits and interest paid out on Certificates which have been encashed.

(2) The figures of Defence Bonds exclude 3 per cent. Bonds repaid on maturity, amounting to £17.4 millions in 1947 and £32.3 millions in 1948.

(3) The figures for the Post Office Savings Bank exclude credits to, and withdrawals from, Service Release Benefits Accounts.