HC Deb 18 March 1958 vol 584 c1084
40. Mr. Cronin

asked the Chancellor of the Exchequer by how much total repayments from National Savings certificates, Defence Bonds, the Post Office Savings Bank, and Trustee Savings Banks, together, have exceeded receipts in the first 48 weeks of the financial year 1957–58; and what was the corresponding figure for the first 48 weeks of the financial year 1956–57.

Mr. Amory

I am circulating the figures in the OFFICIAL REPORT.

Mr. Cronin

Would the right hon. Gentleman agree that during the last few months there has been a serious deterioration in this respect and that he is faced with the situation that either he must lower the Bank Rate or raise interest rates on National Savings, or see some permanent deterioration of the national currency?

Mr. Amory

I agree with the hon. Member partly that the reason for the lower net investments in small national savings is the high interest rates which are temporarily current on other stocks.

Following are the figures: