HL Deb 19 June 1951 vol 172 cc120-1

2.46 p.m.

EARL MANVERS

My Lords, I beg to ask the Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask His Majesty's Government (1) whether the small saver is not the backbone of the country; (2) whether his deposits in the Trustee Savings Bank are now limited to £500 per annum up to a total of £2,000; and (3) whether this mixture of encouragement with discouragement is in the best interests of the people.]

LORD SHEPHERD

My Lords, I have been asked to reply. The backbone of the country, like all backbones, consists of a number of smaller bones, of which the small saver is undoubtedly one. The noble Lord has correctly described the limits on deposits in the Trustee Savings Banks but, in addition, investments may be made in the Post Office Savings Banks and in National Saving Certificates and Defence Bonds. We believe that at the present time these facilities are still sufficient for the needs of the genuine small saver, but we have the matter under frequent review.

EARL MANVERS

My Lords, while thanking the noble Lord for his courteous reply, may I ask whether he is not aware that many of the officials of the Savings Bank are in favour of doing increased business?

LORD SHEPHERD

My Lords, we are aware of that, and discussions have been taking place in respect of it.