§
Resolution reported,
That, for the purposes of any Act of the present Session to enable deposits in a post office savings bank to be received for investment in securities, and at rates of interest, other than those authorised by the Post Office Savings Bank Act 1954, it is expedient to authorise the issue out of the Consolidated Fund of the amount of any deficiency in the sums available to meet any claims in respect of deposits made under the said Act.
§ Resolution read a Second time.
§ Motion made, and Question proposed, That this House doth agree with Committee in the said Resolution.
§ 11.31 p.m.
§ The Postmaster-General (Mr. Anthony Wedgwood Benn)I thought this an appropriate moment to answer questions raised on Second Reading of the Bill by the hon. Members for Howden (Mr. Bryan) and Hereford (Mr. Gibson-Watt), who asked whether it would be possible under the Money Resolution to increase the rate of interest on the existing Post Office Savings Bank which is now 2½ per cent. This has been queried in the past. I am sorry that the two hon. Members are not now present. I gave the political reason why this was not desirable when I spoke on Second Reading, but 198 the point arises whether the Money Resolution is wide enough for this point to be raised. It is not wide enough because it provides only for payment on deficits in the Consolidated Fund. It is excluded by the Money Resolution and also by the Long Title of the Bill, so there is no loss by having the Money Resolution drawn as it is.
§ Question put and agreed to.