18. Mr. Edward M. Taylorasked the Chancellor of the Exchequer what was the net increase in National Savings in 1967; and what were the comparable figures for 1966, 1964 and 1962, respectively.
§ Mr. Harold Lever£108 million, a decrease of £29.5 million, £357 million and £238 million respectively. The 1967 figure is partially estimated.
Mr. TaylorAs the best way in which the average citizen can back Britain is through National Savings, what new initiative is the Financial Secretary taking to restore the 1964 figure?
§ Mr. LeverThese selected figures given in answer to a selective Question reflect among other things very heavy Defence Bond redemptions in 1967, which were very much higher than in the earlier years which appear more favourable. The hon. Member can rest assured that we have very much in mind the necessity to give maximum continuous encouragement to National Savings.
§ Mr. Iain MacleodWill the Financial Secretary agree that, quite apart from particular years, more genuine new savings mean a less need for taxation, and therefore will he urge on the Chancellor speedy action and include within that action maximum encouragement to saving?
§ Mr. LeverI would entirely agree with the first proposition. In so far as my right hon. Friend needs any encouragement on the second, he will certainly have it from me.