§ 22. Sir G. Nabarroasked the Chancellor of the Exchequer whether he will now make a statement on the new methods of stimulating national savings.
§ 23. Mr. Grantasked the Chancellor of the Exchequer what progress has been made by the working party on contractual savings schemes set up in 1968.
§ 44. Mr. Gwilym Robertsasked the Chancellor of the Exchequer if he will initiate discussions with the Trades Union Congress and the Confederation of British Industry on the possibilities of introducing a contractual savings scheme for the small saver based on cost of living bonds, interest being paid annually and a cost of living bonus to revalue the bond in line with changes in the index of retail prices being paid at the end of the contractual period.
§ Mr. Harold LeverMy right hon. Friend has no statement to make on savings at present.
§ Sir G. NabarroHaving regard to the debilitated condition of national savings throughout this year, which continued to fall, thus demonstrating lack of confidence in the Government, and the increase in the Bank Rate to 8 per cent., is the Chancellor aware that any new National Savings Certificate now issued will have to rise from 20s. to 30s. in five years to be competitive with alternative forms of saving?
§ Mr. LeverI take it that the hon. Gentleman will not be offended if I say that the information which he has conveyed in the hearing of my right hon. Friend the Chancellor would come to him without the shock of novelty.
§ Mr. GrantIs the Financial Secretary aware that the C.B.I. and the Wider Share Ownership Council, at the request of the Chancellor, have done a great deal of work on contractual savings schemes and are disappointed not to have had an earlier response from him? Does he think that any scheme should be broadly based upon investment generally or confined solely to national savings?
§ Mr. LeverWe are grateful for the support, the work and the encouragement of the C.B.I., Wider Share Ownership and other bodies. This work is proceeding, and my right hon. Friend has no statement to make.
§ Mr. LeverTo answer the second part of the hon. Gentleman's question would be to anticipate my right hon. Friend's action upon this matter.
Mr. Alan Lee WilliamsAlthough the National Savings Movement has done and is doing a good job, would my hon. Friend consider setting up a Departmental inquiry into the future organisation of the movement?
§ Mr. LeverThat does not immediately strike me as being a useful inquiry, since we keep all these efforts under continuous and close review.
§ Mr. Richard WainwrightIs the hon. Gentleman aware that in present and foreseeable national circumstances, genuine savings invested in British industry are as much in the public interest as savings lent to the Exchequer?