HC Deb 07 March 1979 vol 963 cc1280-1
Mr. Newton

As I notified you this morning, Mr. Speaker, I beg to ask leave to move the Adjournment of the House, under Standing Order No. 9, for the purpose of discussing a specific and important matter that should have urgent consideration, namely, the failure of Her Majesty's Government to meet their obligations for the repayment of their debts to citizens holding national savings certificates. In doing so, I refer to a letter that came into my possession this morning. It is a cyclostyled letter sent to a person who had applied for repayment of his national savings certificates and was signed by the director of savings at the savings certificate and SAYE office in Durham. Among other things, it says: I am sorry to have to tell you that, because of industrial action which is affecting work procedures, our normal repayment services are subject to an indefinite delay. I need hardly argue that the matter is specific. Nor do I need to say much to underline its importance. National savings certificates are held by about 7 million people in this country, with an average holding that I calculate to be between £600 and £700. The total outstanding, including accrued interest, is over £5,000 million. The certificates are designed especially to be attractive to small savers, and they are sold on the basis of security, accessibility and, above all, trust in the British Government.

The importance of the matter indicates its urgency. The sale of these certificates is part of the way in which the Government's borrowing requirement is funded. Anything that disturbs the confidence upon which that funding rests requires, I submit, urgent consideration.

For many individual citizens, who may well see their certificates as a liquid asset comparable to deposits in a bank or building society, the failure to make repayments in accordance with expectation could be nearly as serious as institutions such as banks or building societies closing their doors.

In those circumstances I hope, Mr. Speaker, that you will give this request your consideration, because it is of genuine urgency and importance to many people.

Mr. Speaker

As the hon. Member for Braintree (Mr. Newton) said, he gave me notice before 12 o'clock today that he would seek leave to move the Adjournment of the House, under Standing Order No. 9, for the purpose of discussing a specific and important matter that he thinks should have urgent consideration, namely, the failure of Her Majesty's Government to meet their obligations for the repayment of their debts to citizens holding national savings certificates. The hon. Member knows that, however important the subject is, it is not for me to say whether it should be debated, but merely whether it should be debated tonight or tomorrow. I listened with great care to the representations that he made, but I have to rule that the matter does not fall within the provisions of the Standing Order, and therefore I cannot submit his application to the House.