HC Deb 31 January 1967 vol 740 cc219-20
3. Mr. Stratton Mills

asked the Chancellor of the Exchequer if he will seek power to introduce a new type of savings certificate with one-third of the fund invested in unit trusts.

Mr. Callaghan

This is a variation on the idea of a State unit trust, and I will see that it is kept in mind during the studies of a State unit trust which are still going on.

Mr. Mills

Is it not desirable to associate the great mass of savers with the profitability of British industry? Will the right hon. Gentleman look carefully at this suggestion, particularly bearing in mind the importance of linking the National Savings Movement with some method of keeping pace with inflation?

Mr. Callaghan

I am all in favour of everyone being concerned with the progress of British industry but National Savings were originally designed to encourage people to invest in Government savings and there are feelings in the Movement and among the voluntary workers about that. I would not want to pressurise them if they decided that they preferred to stick to the traditional means of saving.

Mr. Grant

Why has the right hon. Gentleman taken so long to make up his mind on the idea of a national unit trust to be run by the National Savings Movement? It is over two years since the Wider Share Ownership Council put the idea to him.

Mr. Callaghan

The Wider Share Ownership Council does not run the National Savings Movement. We are dependent on the voluntary work of a great many people in the Movement and I would not want to put pressure on them in this matter if they were wholly resistant to the idea.