HC Deb 14 February 1957 vol 564 c1418
8. Mr. Moss

asked the Chancellor of the Exchequer what steps he will take to encourage small savings.

Mr. Powell

A number of steps to encourage small savings were taken in 1956, and a marked increase has already followed.

Mr. Moss

What steps is the hon. Gentleman going to recommend to encourage small savings in the Post Office?

Mr. Powell

If the hon. Member is referring to the fact that the Post Office rate of interest is unchanged, I would remind him that it is a fact that the National Savings Movement has itself recommended that this rate should not vary with market rates of interest.

Mr. Maurice Macmillan

Would my hon. Friend consider adjusting the amount deducted from National Assistance of recipients' small savings with a view to encouraging people to continue saving, even though they are on National Assistance, in view of the fact that at the moment it is more profitable for them to spend their savings and draw extra National Assistance when they have spent them?

Mr. Powell

That is not a question for me but for the Minister of Pensions and National Insurance.