HC Deb 21 July 1949 vol 467 c1550
51. Mr. Sidney Shephard

asked the Secretary to the Treasury if he will state the amount of small savings and withdrawals, respectively, for the past eight weeks.

The Financial Secretary to the Treasury (Mr. Glenvil Hall)

£118,806,000 new savings and £136,730,000 withdrawals.

Mr. Shephard

Is it not obvious that this continued "de-saving" is due to the high rate of taxation in this country? How can we possibly expect people to save when 8s. in every £ of the National income is taken in taxes?

Mr. Chetwynd

Is it not a fact that these withdrawals are due to people going on holiday at this time of the year?

Mr. Glenvil Hall

Obviously, that has a great deal to do with it.

Mr. Osborne

Have withdrawals of small savings reached such a state that they are causing anxiety to the Treasury?

Mr. Glenvil Hall

No. We realise that at this time of the year withdrawals are likely to be quite large.

Mr. Nicholson

Was that true last year?

Mr. Glenvil Hall

Last year the deficit between savings and withdrawals was something over £9 million.