§ 3. Mr. Blakerasked the Chancellor of the Exchequer what was the proportion between personal savings and personal disposable income in 1964, 1965, 1966 and the first nine months of 1967, respectively; and if he will make a statement.
§ The Chief Secretary to the Treasury (Mr. John Diamond)The figures are as follows: 1964 7.8 per cent., 1965 7.7 per cent., 1966 7.2 per cent., and the first nine months of 1967 6.8 per cent. seasonally adjusted.
§ Mr. BlakerIs that not a rather depressing declining trend? Is not the right hon. Gentleman aware that if the Labour Government would do something to encourage savings they might not have to put up taxes so much? Will he do something about this?
§ Mr. DiamondWe accept that there is a great need to encourage savings. The best way we can have of encouraging savings is to help to lay the foundations for a permanent strengthening in the balance of payments.