HC Deb 22 March 1979 vol 964 cc1668-9
1. Mr. Kenneth Lewis

asked the Chancellor of the Exchequer whether he will arrange to make the purchase of premium bond gift vouchers possible at post offices.

The Financial Secretary to the Treasury (Mr. Robert Sheldon)

National savings gift tokens are sold in denominations of £1, £2 and £5 and can be exchanged for premium savings bonds. There would not appear to be any need for a special premium savings bond gift voucher.

Mr. Lewis

Is the Minister aware that since I put the question down events have caught up with premium bond savings and there are now no bonds? How will that be dealt with? People cannot get their money or their prizes, and the Government are making a profit. On the question on the Order Paper, may I say to the Minister that it is extremely difficult—

Mr. Speaker

Order. The hon. Member may say nothing to the Minister. He may only ask a question. The hon. Member has asked two questions, but he may ask a third briefly.

Mr. Lewis

Is the Minister aware that it is extremely difficult for grandparents to buy premium bonds for their grandchildren? The Government are losing money as a result.

Mr. Sheldon

National savings gift tokens are widely used for the purchase of premium savings bonds, and that situation is satisfactory. If it were to change, I should consider it further. There are problems with repayments of savings certificates, save-as-you-earn and premium bonds as a result of the dispute. Until last week urgent repayments were made on savings certificates. There have since been further problems, and these savings certificates are not available at present.

Mr. Peter Rees

Will the Financial Secretary acknowledge publicly that the Government have an obligation to those who wish to draw their interest or capital on the due dates? Will he also announce publicly that the Government will pay compensation or damages—however he chooses to describe it—to those who have been prejudiced in this way, whether through industrial action or other administrative problems?

Mr. Sheldon

There are problems with the documents acting as securities and therefore attracting interest that need to be closely considered. I accept the principle of recompense.

Mr. Christopher Price

Whatever action the Government take, will my right hon. Friend accept that it is foolish to threaten civil servants with dismissal or suspension if they refuse to do other people's jobs and break strikes?

Mr. Sheldon

There are a number of difficult circumstances here. We have the right to insist that work is done for payment made. The maintenance of the public service must be protected.