HC Deb 04 April 1957 vol 568 c554
17. Mr. Cronin

asked the Chancellor of the Exchequer if he will investigate the possibilities of improving the facilities afforded to depositors by the Trustee Savings Banks and the Post Office Savings Bank, with a view to attracting greater savings.

Mr. Powell

Yes. Sir. Special provision for the Post Office and Trustee Savings Banks was made in last year's Budget, and my right hon. Friend is continuing to give consideration to the contribution which these banks can make to the National Savings Movement.

Mr. Cronin

While appreciating the excellent start made in the last Finance Act, may I ask the hon. Member to bear in mind that in the Scandinavian countries the equivalent institutions have a much higher proportion of the total bank deposits, and that that is primarily because they have a higher rate of interest and provide better services in the way of cheque clearing facilities? Will he investigate the possibility of making similar innovations in this country?

Mr. Powell

The Trustee Savings Banks in this country have always been quite firm that they desire no increase in the rates of interest.