§ 1. Mr. Fryasked the Chancellor of the Exchequer if he will now increase the upper limit on the holdings of National Savings Certificates by individuals.
§ 32. Mr. Emeryasked the Chancellor of the Exchequer if he will now issue a National Savings certificate bearing a higher rate of interest.
§ 33. Mr. Jesselasked the Chancellor of the Exchequer if he will now issue a National Savings certificate bearing a rate of interest comparable with that available on marketable Government debt.
§ The Minister of State, Treasury (Mr. Terence Higgins)I cannot anticipate my right hon. Friend's Budget Statement.
§ Mr. FryMy hon. Friend will appreciate that that was the kind of answer which I thought he would probably give. Should my right hon. Friend include this point in his Budget Statement later today, will he bear in mind the necessity to introduce the change which I have suggested?
§ Mr. HigginsI am sure that my right hon. Friend will bear in mind what my hon. Friend has said.
§ Mr. EmeryWhile not asking my hon. Friend to take anything away from the Chancellor's Statement, may I ask him whether he would accept that the present rates for National Savings Certificates, with interest rates as high as they are, do not encourage this type of saving?
§ Mr. HigginsMy impression is that the decimal issue which came on sale on 5th October, 1970, and has an annual yield of nearly 5¾ per cent., has been a considerable success.