HC Deb 22 February 1966 vol 725 cc208-9
8. Mr. Stratton Mills

asked the Chancellor of the Exchequer what was the total net withdrawal of National Savings in 1965–66 to the nearest convenient date; and how this compares with the same period in 1963–64 and 1964–65.

Mr. MacDermot

In the first 45 weeks the total outstanding fell by £2.7 million, compared with increases of £240.7 million and £268.9 million in the same period of 1963–64 and 1964–65.

Mr. Mills

Is it not clear that those are alarming figures? Would not the hon. and learned Gentleman agree that the attitude of the small investor has undergone a revolutionary change because of concern about the prospects of inflation which has coloured his attitude? Will the hon. and learned Gentleman say when he can make a statement about changes in the whole future of National Savings and in particular Savings Certificates?

Mr. MacDermot

I would not agree that the figures are very alarming. They are naturally disappointing, and we discussed the reasons for this at some length in a recent debate. I urge the hon. Gentleman not to take too pessimistic a view. The total outstanding in National Savings since the present Government took office has increased by about £140 million.

Mr. William Clark

Would not the hon. and learned Gentleman agree that a reduction in National Savings must indicate a lack of confidence in the Government of the day?

Mr. MacDermot

Not at all. There are seasonal variations, and there are also variations when savers feel that there are other ways in which they can invest their savings more advantageously. I remind the hon. Gentleman that the total outstanding in National Savings at the end of October of last year, which is the latest figure I have, was £8,379 million.

Back to