HC Deb 19 November 1957 vol 578 cc179-80
10. Mr. G. Thomas

asked the Chancellor of the Exchequer the cost of administration, advertising, and prizes, respectively, to date, in connection with the Premium Bond Scheme.

Mr. P. Thorneycroft

The costs of administration and advertising up to the end of October, 1957, are estimated at £1,400,000 and £400,000 respectively. The total value of the prizes in the first six draws, including that in November, was £2,325,000.

Mr. Thomas

In view of all these very heavy costs, does the Chancellor think, especially since the scheme is so controversial, that it is worth while going on with it?

Mr. Thorneycroft

What matters is what savings are attracted. The scheme has attracted £111 million worth of savings. I hope the hon. Gentleman will invest in a Premium Savings Bond.

Mr. Cronin

Are not these savings the consequence of money withdrawn from other forms of saving?

Mr. Thorneycroft

No, there is no doubt that the scheme is attracting new savings as well.