§ 60. Mr. Osborne
asked the Chancellor of the Exchequer if, in view of the serious net decline in National Savings due to the fall in the real value of the pound from 20s. to 16s. 2d. since July, 1945, and of the vital importance of that movement, he will set up an all-party committee to consider means by which the workers' small savings may be safeguarded from further depreciation.
§ Sir S. Cripps
No, Sir. On all questions to do with National Savings I rely on the advice I receive from the National Savings Committee and the Scottish Savings Committee, which are entirely non-political bodies and have many years of experience behind them. I cannot suppose that a new all-party committee would be able to give any better advice, nor can I accept the statement that the decline in savings is due to the fall in the purchasing power of the pound.
§ Mr. Osborne
If the fall in savings is not due to the fall in the purchasing power of the pound, to what is it due? Is the Chancellor satisfied that the National Savings people are getting a square deal under existing circumstances?