HC Deb 31 January 1957 vol 563 cc1157-8
32. Mr. Cronin

asked the Chancellor of the Exchequer the three figures representing the average weekly sales of Premium Bonds for the months of November, December, and the first three weeks of January.

Mr. Powell

The figures are:

November … £11,250,000
December and … £1,380,000
January (first three weeks) … £970,000
The last figure is an estimate only, and the other two are subject to revision.

Mr. Cronin

Bearing in mind that this scheme has caused widespread offence, and also that the figures which the hon. Member has just quoted indicate that it has become an abysmal failure, will he now consider abandoning the scheme?

Mr. Powell

No, Sir. It was always known that the figures would be highest in the first month of the period and it is far too early to estimate the total effect of the scheme.

Mr. H. Wilson

Is it not clear to the hon. Member that, apart from a scramble for one month only, of Surtax payers to get these tax-free bonds, in November, the figures which he has just quoted show that the scheme is a long way from coming up to the expectations of the previous Chancellor? is it not now true, to quote the words of his right hon. Friend the Economic Secretary, that it has only mystical and no longer practical significance?

Mr. Powell

That is not clear at all. The right hon. Gentleman must wait for a much longer period before he can judge the results of the scheme.