HC Deb 28 July 1964 vol 699 c1214
10. Mr. Duffy

asked the Chancellor of the Exchequer what were personal national savings for the second quarter of 1964, expressed as a percentage of personal disposable income; and how this figure compares with the corresponding period of 1961.

Mr. Maudling

I regret that figures for the second quarter of this year are not yet available. In the first quarter of 1964, personal savings are estimated to have been nearly 13 per cent. of personal disposable income compared with about 10½ per cent. in the corresponding period of 1961. Within these totals, National Savings accounted for 2.4 per cent. of disposable income in the first quarter of 1964, compared with 2.7 per cent. in the first quarter of 1961.

Mr. Duffy

May I ask the right hon. Gentleman whether he regards this increase as satisfactory against the general background of economic expansion in the country? If not, what does he propose to do by way of stimulating it, other than by the very dull, moderate, and unimaginative proposals contained in his Budget statement of this year?

Mr. Maudling

I think that the results are very encouraging. Whatever the hon. Gentleman's view about the nature of our measures, the record of savings in these years is one of the great achievements of the Conservative Government.

Mr. W. Clark

Would my right hon. Friend give the figures for 1951 compared with the first quarter of this year? In addition to giving the percentages, can he give the actual figures?

Mr. Maudling

I cannot give the figures. They would cause too much pain to the Opposition if I did.