§ 8. Mr. Stratton Millsasked 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. MacDermotIn 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. MillsIs 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. MacDermotI 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 ClarkWould 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. MacDermotNot 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.