§ 5. Mr. Grantasked the Chancellor of the Exchequer what steps he is taking 1082 to increase private savings; and if he will make a statement.
§ 45. Sir G. Nabarroasked the Chancellor of the Exchequer whether he will make a statement on contractual savings by individual workers, and on methods to be employed generally to increase the attractiveness of personal savings.
§ Mr. Roy JenkinsI am considering a number of possibilities for increasing savings, including a contractual savings scheme, but I am not yet ready to make a statement.
§ Mr. GrantIs the Chancellor aware that some of us, indeed his own Financial Secretary, for years have been pressing for a new initiative in savings? If and when he brings in his contractual scheme, will he provide that there can be investment in equities, and if necessary building societies, and not just National Savings?
§ Mr. JenkinsI shall certainly consider and be anxious to protect the position of building societies. Also I will consider the position of equities. I am also anxious to protect the position of the National Savings movement.
§ Sir G. NabarroWill the right hon. Gentleman confirm that the relative unattractiveness of the present arrangements for National Savings could not have been more evident than in last year's results, when there was an increase of only £70 million in National Savings compared with a £330 million increase in unit trusts?
§ Mr. JenkinsThe hon. Gentleman is making a point diametrically opposite to that of his hon. Friend. In other words, he is asking me to favour National Savings as against equity investment.
§ Sir G. NabarroNo. I am asking the right hon. Gentleman to make them more attractive.
§ Mr. JenkinsThe hon. Gentleman's choice of words is always interesting, but I do not think that what he has said in any way detracts from the point I was making.
§ Sir R. CaryMay I ask the Chancellor of the Exchequer whether discussions are taking place between himself and the Chairman of the National Savings movement? Can he say whether the reports 1083 that have appeared in the Press about the progress of those meetings are reasonably accurate?
§ Mr. JenkinsI would not like to say that I have seen all the reports which appear in the Press, let alone give an indication as to their accuracy or otherwise.