HC Deb 26 March 1959 vol 602 cc1494-5
16. Brigadier Prior-Palmer

asked the Chancellor of the Exchequer whether he is aware of the plight of a large number of retired elderly people who are attempting to live on their life's savings; and if he will do everything in his power to ease their lot in forthcoming legislation.

Mr. Simon

Yes, Sir. The most effective way of helping these people is to stabilise the cost of living, and we have recently met with some success in this. As regards legislative action, I cannot, of course, anticipate my right hon. Friend's Budget statement.

Brigadier Prior-Palmer

Whilst thanking my hon. and learned Friend for that reply, and agreeing that the cost of living has been stabilised over a long period, may I ask whether he appreciates that this will not affect these people in any way? There will have to be a drastic fall in the cost of living before they are assisted appreciably. Does not my hon. and learned Friend realise that no tax rebate will assist them, that some of them are too proud to take National Assistance, and some are on or just above Assistance level? Will he please see whether someone some day can do something to help these people who are in desperate straits?

Mr. Simon

I will certainly draw the attention of my right hon. Friend to what my hon. and gallant Friend has said, but I would point out that in each of the last two Budgets fiscal means have been found to help the class of persons to whom he refers.

Mr. H. Wilson

Arising out of the original Answer, may I ask whether the hon. and learned Gentleman is aware that the Treasury bulletin yesterday drew attention to the fact that the relative stability in the cost-of-living index over the last 12 months has occurred at a time of very remarkable reduction in import prices? Has the hon. and learned Gentleman any confidence that, if import prices turn up again, the Government's measures are likely to continue the stability of the cost-of-living index?

Mr. Simon

I ask the right hon. Gentleman to be good enough to await my right hon. Friend's review of the economic situation generally, when he opens his Budget statement.

Mr. Jay

Would not by far the best way of helping these people be by an increase in the retirement pension, and have not proposals to that effect just been voted down by the party opposite?

Mr. Simon

I ask the right hon. Gentleman to put that question to my hon. Friend the Minister of Pensions and National Insurance.

Brigadier Prior-Palmer

Many of the people I have in mind do not receive pensions.