§ 29. Mr. Adleyasked the Chancellor of the Exchequer what has been the net inflow of funds to the National Savings movement since 18th June, 1970; and how this compares with the comparable figure a year earlier.
§ Mr. HigginsFigures for the middle of a month are not available. In the eight months from July, 1970, to February, 1971, the provisional figures show that the amount remaining invested in National Savings increased by £206 million. In the comparable period a year earlier, the amount remaining invested decreased by £45 million.
§ Mr. AdleyI thank my hon. Friend for those figures. Do they not indicate that, whatever politicians or journalists may say, the silent majority of the people of this country have confidence in this Government?
§ Mr. HigginsThat is entirely so, and it is important that we should do everything possible to create a situation in which savings are encouraged.
§ Mr. WellbelovedBut does not the hon. Gentleman realise that the figures announced earlier, showing that the pound is now worth only 94½p, mean that the Government have already knocked a "bob" off every pound invested in National Savings?
§ Mr. HigginsIt is true that inflation does have an effect on the value of savings, and it is for that reason, among others, that we are determined to control inflation. Increased savings are a major weapon against inflation.