§ Mr. Rostasked the Chancellor of the Exchequer if he is satisfied with the working of his economic policies in relation to the level of personal savings in the current financial year; and if he will make a statement.
§ Mr. DellYes. The personal savings ratio in the current financial year may be somewhat lower than in 1973, when it reached an unusually high figure. The chief reason for this was the well-known lag between income and consumption. The period of three-day working will, of course, have had an abnormal effect on the ratio, but as we move away from that experience I would expect the ratio to 221W return to more normal levels. So far as the savings of the public sector are concerned, my right hon. Friend has taken action in his Budget to improve the position from £2,775 million in 1973–74 to £5,859 million in 1974–75.