§ 4. Mr. Blakerasked the Chancellor of the Exchequer what was the ratio between personal savings and personal disposable income in each of the years from 1964 to 1969.
§ Mr. TaverneThe ratio of personal saving to personal disposable income in the years 1964 to 1968 was 8.1, 8.5, 8.4, 7.9 and 7.5 per cent. respectively. Figures for the calendar year 1969 are not yet available, but in the first three quarters of 1969 the corresponding percentage was 7.3—seasonally adjusted.
§ Mr. BlakerIs the Financial Secretary aware that for 1967, the latest year for which I have been able to get figures, the ratio of personal savings to personal disposable income in Germany was more than twice as high as it was in this country, and in Japan it was nearly four times as high? May that not have something to do with their greater success in growth?
§ Mr. TaverneThere are a large number of factors which may or may not contribute to rate of growth. Among other things, both Germany and Japan have not suffered from heavy overseas 177 military payments, which is something that hon. Members opposite wish to increase.