HC Deb 19 March 1968 vol 761 c272

In the case of Premium Savings Bonds, I have decided to increase the size of the prize fund, the number of draws and the number of prizes. Experience has shown that what most people are attracted by is a combination of a few very large and a lot of very small prizes. Bearing this in mind, I have decided to improve the prize structure by introducing a weekly draw of one £25,000 prize in addition to the normal full-scale monthly draws. To finance the rearrangement of prizes and to maintain the present favourable odds I am increasing the rate of interest on which the prize fund is calculated from 4½ per cent. to 4⅝ per cent. I shall seek the powers to make the necessary changes in the Finance Bill, and the new weekly draws will begin on 1st September.