HC Deb 15 December 1970 vol 808 cc1095-6
11. Mrs. Sally Oppenheim

asked the Chancellor of the Exchequer what was the change in the amount invested in National Savings between July and October, 1970; and what was the corresponding figure in 1969.

Mr. Barber

The net amount invested in National Savings increased between July and October, 1970 by £66.9 million. In the corersponding period of 1969 there was a decrease of £27.5 million. The whole House will be encouraged by this change.

Mrs. Oppenheim

Would the Chancellor of the Exchequer not agree that this welcome and substantial increase in national savings since the advent of the present Government is a very clear manifestation of the confidence of the people in the handling by this Government of our economy?

An Hon. Member

Well read.

Mr. Barber

I agree with my hon. Friend that this is very encouraging indeed.

Mr. Duffy

Will the Chancellor confirm that savings both in total and expressed as a percentage of total personal disposable income, which is a more searching test than that which his hon. Friend cares conveniently to employ, were higher in the second quarter of 1970 than in the third quarter of 1964?

Mr. Barber

It would be better if hon-Gentlemen opposite, instead of indulging in churlish carping at political success, were to give three cheers when we get a little bit of good news.

Mr. Taverne

If the Chancellor is not concerned with carping, would he not agree that in the first six months of the year both national savings and personal savings generally set a pattern which has since been continued?

Mr. Barber

There were, of course, good years and bad years. The simple fact is that the record of personal savings under the Labour Government, as the hon. and learned Gentleman will be the first to agree, was not very good. We are doing better now.

Back to