§ 9. Mr. Nabarroasked the Chancellor of the Exchequer, having regard to the increase from 600 units to 1,000 units maximum permissible holding, tenth issue National Savings Certificates, also the new Defence Bond issue from 1st May, 1958, both designed to stimulate small savings, whether he will now give similar and commensurate stimulus to savings banks deposits by increasing from £600 to £1,000 the limit on deposits which do not attract income tax upon the interest.
§ Mr. NabarroCan the Chancellor say why not, and will he have some regard to the fact that incentives to small savers through the media respectively of National Savings Certificates, Defence 1080 Bonds and deposits in the savings banks, ought to be approximately in line the one with the other?
Mr. AmoryAgain it is a question of priorities and the limitation of the resources available at the moment. There has been no general demand for the concession which my hon. Friend has mentioned, and no reqeust for it from the National Savings Movement. At present 95 per cent. of the depositors come well within the limit of £600 now in force, but naturally it is a matter on which I shall keep my eye.