§ The Question was as follows:
§ To ask Her Majesty's Government when they expect to publish the Report of the Page Committee.
THE LORD PRIVY SEAL (EARL JELLICOE)My Lords, in answer to the noble Lord's Question, I understand that the Page Committee, which was set up in September, 1971, is at present drafting its Report on National Savings which will be presented to the Chancellor of the Exchequer. It is hoped that it may be possible to publish the Report around Easter.
§ LORD HOYMy Lords, I am grateful to the noble Earl for his reply. May I ask him whether he realises the importance of this subject? There are 13 million accounts in the trustee savings banks in this country, and they are still the greatest savings banks in the world, but along with the national Post Office they are under the handicap of not being able to offer services to their depositors because of the present law. May we have an assurance that when Page does report no time will be lost, not only in presenting it to Parliament but, I hope, in making provision for the trustee savings banks and the Post Office savings banks to meet the needs of at least one quarter of the people of this country?
EARL JELLICOEMy Lords, I am grateful to the noble Lord for expressing his gratitude for my reply. I am glad that he was grateful, because of course I gave him a direct Answer to a direct Question. As for the substance of the 522 Report, I believe that it would be right for us all to await the Report itself and for the Government then to consider the matter. This is a vast and very important area. I can assure the noble Lord that the whole area will receive the attention that it undoubtedly deserves to have.
§ LORD DAVIES OF LEEKMy Lords, after spending an hour this morning finding out what the Page Report was, may I ask the noble Earl whether he is aware that some of us believe that in these inflationary days it may be worth the Government's while, when this Report is put out, to consider increasing the interest on National Savings as an incentive to ordinary people to invest?
EARL JELLICOEMy Lords, if the noble Lord had telephoned me I could have told him very quickly what the Page Report was about. I was asked a Question about the timing of the publication of the Report, and I have given a reply to that. I have assured noble Lords that it will receive the careful attention of my right honourable friend. I think it would be quite wrong for me at the moment to be drawn on to the substance of the Report, which the Government have not yet seen, let alone this member of the Government.
§ LORD HOYMy Lords, while interest rates are always important, services inside the banks are also very important. Trustee savings banks are prevented at the present time from offering services to depositors, and have to transfer to the joint stock banks those services together with the cash that belongs to the depositors in the trustee savings banks. This is an important point so far as Page is concerned.
EARL JELLICOEMy Lords, I take due note of the point that the noble Lord has made, but I must again revert to the position that I should be very willing that this House should debate the Page Report, but I think that it would be a mistake to try to debate it and the area around it until we have the Report.