§ Sir Bernard Braine
asked the Chancellor of the Exchequer whether any estimate was made by his Department of the effect on savings as the result of the decision to withdraw official support from the voluntary National Savings Movement; and if he will make a statement about the value of that movement to the proper functioning of the economy.
§ Mr. Denzil Davies;
We anticipate that when the official staff are withdrawn most of those savers who have been recruited into national savings groups will continue with the savings habit and the loss to national savings is not expected to be significant. We believe that without official support staff the voluntary movement will still have a worthwhile educational rôle particularly in the teaching of thrift and sound money management to the young in schools and places of employment to the benefit of the individual and the nation. The movement is currently considering what its future role should be.