HC Deb 17 February 1966 vol 724 cc1660-2

Not amended (in the Standing Committee), considered.

9.55 p.m.

The Postmaster-General (Mr. Anthony Wedgwood Benn)

I beg to move, That the Bill be now read the Third time.

In view of the very friendly way in which the Bill was received at its earlier stages, I do not propose to trouble the House with a long speech on its Third Reading, but I should like to say how grateful I am to hon. Members opposite who, in the Standing Committee, contributed to a most careful, but always expeditious, scrutiny of the Bill. We had many interesting questions and debates, and the House can rest assured, I think, that although the Bill has emerged un-amended, the searchlight of criticism and inquiry has been turned very fully on it, and we certainly expect that much that was said in the Committee will be reflected in our final arrangements for the investment account service.

There is just one other general point I would mention, because it was fundamental to much of our discussion in the Committee. I was greatly impressed by the point made by various hon. Members who were anxious to see that the new service was managed in the interests of depositors. The Government's contention is that the service must be run with just that objective if it is to produce the extra savings for which it is designed—and which the country needs. In any case, I hope that the specific assurances I was able to give will help to allay any possible anxiety they might have had that we do not intend to put the depositors' interests first.

I am sure that the Bill goes forward now with the good will of the House under the happiest auguries for the future, and I greatly hope that the House will now give it the Third Reading.

9.57 p.m.

Mr. Paul Bryan (Howden)

On Second Reading I said that we on this side welcomed the Bill, that we would help it through, if it needed help, and that we would do our best to improve it. I think the fact that there were only three Committee sittings showed that we meant what we said. On the other hand, the fact: hat there were no Amendments does not really mean that we have not improved the Bill at all. The purpose of a Standing Committee is not merely to pass a Bill but also to inform and reassure people outside the House, whether they be the investors of the future or the professions that advise them, and I think that, judging from the reassurances and information we stimulated the Postmaster-General into giving us, we did just that.

In the Committee we discussed at some length the question of the investment of funds, and got the assurance of an exact statement in some detail in the annual accounts of the way in which the money was to be invested. I am sure that the statement issued in the Post Office accounts will be scrutinised by those of us who took an interest in these things in the Committee. I thank the right hon. Gentleman for his words about the interests of depositors, a subject about which we talked a good deal in the Committee. It is true that we wanted this point written into the Bill, but his assurance will bring comfort to those who were worried about it.

This has been very much a catching-up Bill—we have been catching up with the trustee savings banks—and we on this side were looking closely at the Measure to see whether it had sufficient flexibility to avoid future legislation—or future catching-up Bills. Again, I think the assurance we had on this point persuaded us that there was a good deal of flexibility in the Bill. There is the fact that the rate of interest can be varied; that conditions of withdrawal and notice of withdrawal can be adjusted; that the qualifying deposit, now £50, can be changed by the stroke of a pen, as the Postmaster-General put it; that the calculation of interest which is now by the calendar month can be altered if, by computerisation or other means, it can be speeded up. That was all brought out in Committee. We therefore congratulate the Postmaster-General on this Bill—or his interitance—and hope that it will prosper in another place.

9.59 p.m.

Sir Douglas Glover (Ormskirk)

I want to thank the Postmaster-General for his generous tribute to the Opposition. As he himself spent many weary years on this side, he knows that opposition can be a thankless task. The Government of the day can always say that the Opposition are ill-informed—

It being Ten o'clock, the debate stood adjourned.

Ordered, That the Proceedings on Government Business may be entered upon and proceeded with at this day's Sitting at any hour, though opposed.—[Mr. Charles R. Morris.]

Question again proposed, That the Bill be now read the Third time.

Sir D. Glover

I wish to thank the right hon. Gentleman for his generous tribute to the Opposition for their informed and responsible criticism of the Bill, which goes some way to refute the remark of the Prime Minister who spoke about "an irresponsible Opposition". If this House ceases to debate Bills at this time of night in the weeks to come, I shall have much pleasure in quoting what the Postmaster-General said tonight.

Question put and agreed to.

Bill read the Third time and passed.