HC Deb 01 June 1967 vol 747 cc231-2
38. Mr. Stratton Mills

asked the Postmaster-General if he will make a statement on the sale of unit trusts at post offices.

Mr. Edward Short

There is no current proposal for the sale of unit trusts at post offices.

Mr. Mills

But could the Postmaster-General give the reasons why this has been turned down by his Department? Is it that he is against the sale of commercial units, or is it that he feels that it would interfere with the general collection of National Savings? Would he particularly bear in mind that the banks themselves, who have unit trusts, sell Saving Certificates?

Mr. Short

I think that the hon. Gentleman may be confusing this with the proposal recently from the Sub-postmasters' Federation to sell Abbey Bonds, not unit trusts. Why it was turned down was that it would be difficult to know where to draw the line. If we allowed unit trusts to be sold at post offices, it would give them the cachet of reliability and credibility. It would be difficult to know where to draw the line.

Mr. Maxwell

Will my right hon. Friend consider setting up a Post Office unit trust, since this form of saving appeals to a great many people? Since the Post Office is now being set up as a trading corporation, here is a way of encouraging saving and increasing the profitability of the Post Office.

Mr. Short

On savings matters, I am simply an agent acting for my right hon. Friend the Chancellor of the Exchequer. My hon. Friend will have to put that Question down to him.