HC Deb 10 November 1959 vol 613 cc180-1
10. Sir T. Moore

asked the Chancellor of the Exchequer if he will consider raising the prizes for holders of Premium Bonds to £10,000, to encourage the public to increase their investment.

Mr. Amory

The Government, in consultation with the National Savings Movement, continue to keep the prize structure under review, but it is far from certain that my hon. and gallant Friend's suggestion would be generally welcome.

Sir T. Moore

But surely my right hon. Friend will agree that few of us want the fantastic prizes offered by the pools—[HON. MEMBERS: "Oh."]—nor, indeed, would it be good for us to have them, but £10,000 would come in very handy to all of us—[HON. MEMBERS: "Hear, hear."]—inasmuch as that sum might provide a house or a business enterprise, or both? Would he, alternatively, consider extending the number of £1,000 prizes in order to achieve practically the same result?

Mr. Amory

I will reserve judgment on the first part of the supplementary question, namely, whether I would welcome receiving the biggest prize. I agree with the hon. Gentleman's second point, that I am not sure that it would be for my good if I did. I should be very glad to win a £1,000 prize if that came my way. The point is that if one increased the size of the prize one would have to reduce the number of prizes, otherwise the cost of borrowing would be too great, so it is a question of finding the right balance. I think that the balance we have at present is not far wrong, but I will keep the matter under consideration.

Mr. Snow

While, like many other hon. Members, I am not entirely familiar with the scheme, will the Chancellor confirm that the odds against a holder winning a prize now are no worse than the odds against a holder winning a prize at the beginning of the scheme?

Mr. Amory

I believe that is the situation. If there has been any reduction in the chances I will notify the hon. Gentleman, but to the best of my knowledge the chances are just the same now as they were. I hope that the hon. Gentleman will continue to hold his bonds hopefully.

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