My hon. Friend the Economic Secretary met representatives of the Trustee Savings Banks Association to discuss this proposal on 28th April. It was agreed that a number of points raised would be further examined by the association and that discussions would be resumed in due course.
§ Mr. Jay
Is the Chancellor aware that the trustee savings banks have been waiting for fifteen months to put this public service into operation and that the staff are very impatient to get on with it? Will he assure us that he will not be influenced by fears from commercial banks of competition from this public service?
There are a good many aspects of the problem to be considered. The administrative arrangements involved will be quite formidable and will need careful examination. Legislation will also be required before any change of this kind can be made.