24. Mr. Edward M. Taylorasked the Chancellor of the Exchequer what progress has been made in implementing the new savings schemes outlined in the Budget.
§ Mr. TaverneGood progress is being maintained by the Department for National Savings in its administrative planning for S.A.Y.E., by the Trustee Savings Banks for their parallel scheme and by the Building Societies Association who have agreed in principle to operate a scheme corresponding in all major purposes to S.A.Y.E. The target date for all these schemes is October next.
Mr. TaylorIs not the hon. and learned Gentleman genuinely alarmed at the fact that for the first 12 weeks of the current financial year withdrawals exceeded new savings by at least £1 million a day? Will he press ahead with the new scheme to attract to the National Savings movement?
§ Mr. TaverneOf course we seek to press ahead but this scheme will be ready by 1st October and, contrasted with the Premium Bonds scheme which took 14 months to come into operation, that seems a reasonable time.
§ Mr. BarnettDoes my hon. and learned Friend consider that it might be necessary to increase the rate of interest in view of the level of interest rates and the way they have been going since the first announcement?
§ Mr. TaverneNo, Sir.