HC Deb 08 November 1979 vol 973 cc589-91
2. Mr. Chapman

asked the Chancellor of the Exchequer if he will seek to change the present ineligibility of males between the ages of 60 and 65 years to hold retirement issue National Savings Certificates.

The Financial Secretary to the Treasury (Mr. Nigel Lawson)

The terms and conditions of all National Savings media are regularly reviewed, and the age qualification and any other proposals received for this issue of certificates will be considered in due course.

Mr. Chapman

I am grateful for that reply. Will my hon. Friend look at this proposal as a matter of urgency? Will he recognise that the proposal meets three criteria supported by the Government? These are, first, that we all want to encourage savings; secondly, that the proposal would not initially cost a penny; and, thirdly, that in an age of sex discrimination, it recognises that men have equal rights with women.

Mr. Lawson

I shall be glad to look seriously at the proposal, as my hon. Friend suggests. However, I believe that when this instrument was introduced, the previous Administration felt that it might be simpler if post offices, where most of the certificates are brought, were to apply the same age limits as for old-age pensioners.

Mr. Cwilym Roberts

Will the hon. Gentleman accept that the simplest option is to move towards sex equality and allow men to retire at 60? Will he take note of the latest figures produced by his right hon. Friend the Secretary of State for Social Services? They show that the cost of reducing by one year the pensionable age for men would be only about £200 million.

Mr. Lawson

I am glad to tell the hon. Gentleman that sex equality is not one of the Treasury's many responsibilities.

Mr. Stokes

I declare an interest in this case. I am not particularly keen on legal sex equality, but I cannot see why I am not allowed to lend to the Government in the same way as my wife is.

Mr. Lawson

My hon. Friend is welcome to lend to the Government, and there are many instruments available to enable him to do so. However, when this scheme was introduced by the previous Administration it was felt that it would be easier, in order to reduce misunderstandings about the qualifying age, to have the same age limits as those applying to the old-age pension. I shall be happy to look at the matter again.

Mr. Denzil Davies

Will the hon. Gentleman assure us that he will consider the matter seriously and urgently? With inflation rising rapidly towards 20 per cent., and clearly out of control, does he agree that his Government have an additional obligation to protect the savings of the elderly?

Mr. Lawson

I do wish that the right hon. Gentleman, who has been a Treasury Minister in his time, would not take such pleasure in exaggerating the rate of inflation.