HC Deb 24 May 1973 vol 857 cc645-6
7. Mr. Geoffrey Finsberg

asked the Chancellor of the Exchequer whether he has now received a copy of the Page Report on savings; and if he will make a statement.

Mr. Barber

I have received a copy of the report. It will be published as soon as possible.

Mr. Finsberg

Does my right hon. Friend accept that that will be a grave disappointment, particularly to the trustee savings banks, which were ready to introduce loans to their depositors but were stopped because of the Page Report? Does my right hon. Friend realise that the trustee savings banks are an important arm of the national savings movement? Will he please indicate when this long-delayed report will be published?

Mr. Barber

I know of my hon. Friend's particular concern. He has already told me that the report should be published as soon as possible. It covers a very wide and important field. Therefore, it is right that the Government should take proper time to consider it.

Mr. Sheldon

Is not the Chancellor aware that the continued delay in publication is causing serious concern and that there is widespread disillusionment among those people holding savings certificates, particularly those holding earlier issues, who are receiving interest at the rate of only 1½ per cent. a year? That, in effect, is a swindle on those people who are least able to protect themselves and who look to the Government for their protection. Will the Chancellor please make sure that the report is published at the earliest possible moment and not give us any excuses for putting off this important publication?

Mr. Barber

I do not accept what the hon. Gentleman said in the earlier part of his question. It is very important that the report should be published at the earliest possible moment.

Sir J. Rodgers

As Chairman of the Trustee Savings Bank Parliamentary Committee, I urge my right hon. Friend to see that the report is published as soon as possible. More than that, I hope that he will realise that it is the biggest of all the savings movements in the country, and that therefore he will accept the recommendations of the Page Committee and see that such things as loans to depositors are permitted as soon as possible.

Mr. Barber

I have noted my hon. Friend's urge.