§ 32. Mr. Cantasked the Chancellor of the Exchequer whether he is aware of the fact that the total amount invested in national savings declined by £28 million in 1966; and what steps he proposes to take to increase the relative attractiveness of this form of small savings, in view of the fact that it presents an alternative form of revenue to taxation.
§ Mr. CallaghanThe fall in national savings in 1966 was £29.5 million, and was almost entirely due to the heavy maturities of Defence Bonds during the year. The present range of national savings media stand up well in comparison with other forms of investment; the National Savings Certificate, in particular offers one of the best yields obtainable in the market.
§ Mr. CantWould my right hon. Friend agree that there is strong opinion, now 257 that the sales of National Savings Certificates are tending to peter out, that he should raise the limit and perhaps agree to some form of contractual saving and increase the savings limit?
§ Mr. CallaghanThose are interesting proposals, but we are getting a little too near 11th April for me to make any real comment on them.