HC Deb 17 May 1956 vol 552 cc2186-7
12. Lady Tweedsmuir

asked the Chancellor of the Exchequer whether he will arrange that Premium Bonds may be made available to investors overseas.

The Financial Secretary to the Treasury (Mr. Henry Brooke)

The point will be covered when the detailed scheme is announced: but as at present advised, I see no reason why oversea investors should not buy the bond on the same terms as they can buy other National Savings securities.

Lady Tweedsmuir

Does my right hon. Friend realise that this will give great satisfaction overseas, where there is already very great interest in this new form of investment in the United Kingdom, not least in the dollar area? I hope he will consider what can be done about exchange difficulties.

Mr. Brooke

I am grateful to my hon. Friend for the special advertisement she is giving to this Government security.

Mr. Emrys Hughes

Will the Minister consult the Presbytery of Aberdeen before he indulges in this scheme? Is he aware that the noble Lady's enthusiasm for Premium Bonds is not shared by the Church of Scotland?

Mr. Brooke

I know that the Scots live in a different country, but I have yet to learn that they live overseas.

Mr. H. Wilson

Does the right hon. Gentleman's Answer mean that the Government will be prepared to allow the prizes which may be won by overseas investors, if that is the right word to use, to be remitted overseas? Will the right hon. Gentleman give that undertaking, and will it include remittances in dollars?

Mr. Brooke

Perhaps the right hon. Gentleman will await the actual terms of the scheme. I was today giving a preliminary answer.