§ Q5. Mr. Wyattasked the Prime Minister whether the public speech of the Secretary of State for Social Services at Harrogate on Saturday 15th February, 1969, on the subject of life insurance represents Government policy.
§ The Prime MinisterYes, Sir.
§ Mr. WyattDoes not my right hon. Friend remember that he has twice told the electorate that contributions to national superannuation would be invested in equities and not merely in gilt-edged? In view of the fact that the Secretary of State is not proposing to do this, will the Prime Minister use what influence he has to see that Labour Party policy is implemented, otherwise he may be in danger of losing his reputation for good faith with the electorate?
§ The Prime MinisterI am aware of my hon. Friend's obsession on this matter of the funding of the Fund and investment in equities. I have had the pleasure of hearing him on the subject putting forward his views most eloquently. He has been replied to equally eloquently that what he is proposing would not be in the best interests of those concerned with superannuation or the management of the national economy.
§ Sir G. NabarroIs it not a fact that the inordinately high interest rates today, as a result of the policies of the Chancellor of the Exchequer, would make it dangerous to invest in equities? Would it not be advisable to push the Chancellor along further, thereby getting a decent return for National Insurance investors?
§ The Prime MinisterAll the arguments raised by my hon. Friend the Member for Bosworth (Mr. Wyatt) and the hon. Member for Worcestershire, South (Sir G. Nabarro) were set out and dealt with fully in the White Paper which was debated and approved by the House. At Question Time, I do not think that I could go more fully into the conflicting points of the hon. Gentleman, particularly since I do not agree with some of the hypotheses on which he bases his Question.