§ 2.44 p.m.
§ EARL MANVERSMy Lords, I beg to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government: (1) Whether a strenuous campaign known as the "Lend Strength to Britain" movement is now on foot, with a view to increasing the funds at the Government's disposal, and perhaps reducing Budget demands; and (2) Why the amount to be held by any one depositor should be limited to £3,000, to the grave discouragement of many savings movement workers.]
578§ 2.44 p.m.
§ THE CHANCELLOR OF THE DUCHY OF LANCASTER (VISCOUNT SWINTON)My Lords, I confirm that a strenuous savings campaign is now proceeding and I should like to thank all the workers in the National Savings Movement who are contributing to its success. Whilst increased savings can help to reduce Budget demands, the primary means by which they do so is not by increasing the funds at the Government's disposal, but by counteracting inflation through the reduction of demands on the home market. The real need, therefore, is for genuine new savings and I do not think that the limit of £3,000 on deposits in the Savings Banks, to which I assume the noble Earl refers, can be regarded as unduly restrictive. National Savings investments are designed to attract new savings from the small saver, and in view of the advantageous terms they offer some limit must he applied to total holdings; this particular limit has only recently been increased from £2,000 to £,000 and a person who avails himself of all the National Savings facilities will now be able to invest about £10,000.
§ EARL MANVERSMy Lords, I thank the noble Viscount for his courteous response.