§ If I felt disappointment on learning that the fruits of the tax gatherers had not quite come up to expectations, it was offset by the knowledge that the National Savings Movement had had an exceptionally good year. In his Budget speech last year my right hon. Friend improved and enlarged the whole range of National Savings and made a challenge to the movement to which it has risen nobly. As a result, the total of National Savings now stands at £6,240 million, £116 million more than a year ago.
§ Both the Post Office Savings Bank and the Trustee Savings Banks did better than last year. But the major contributions to the net increase in savings were made by the new Savings Certificate and the Premium Savings Bond. Some people have been suggesting that the Premium Savings Bond is a failure. That is a curious way to describe a security which, even after the first rush had subsided, has continued to bring in several million pounds a month. Let us see, in any event, how these figures will look after the monthly prize drawings start in June.
§ I have said that the National Savings Movement did exceptionally well last year. It is quite clear that we shall need its invaluable help every bit as much in the coming year as we did in the past year. I am sure that we shall get it. The movement has more to offer than ever before and I feel confident that it will go on from strength to strength.