HC Deb 22 July 1983 vol 46 c263W
Mr. Beaumont-Dark

asked the Chancellor of the Exchequer, in the light of recent national savings results, what proposals he has to improve the level of return on national savings.

Mr. Moore

Yes. I have decided to make the following changes.

A new 26th issue of national savings certificate which will offer a rate of return of 8.25 per cent. free of tax over a five year period will come on sale on 15 August 1983; the 25th issue will be withdrawn on 13 August 1983.

The rate of interest paid on the national savings investment account will be increased to 11 per cent. on 1 August 1983 and that for the national savings income bond to 11.5 per cent. from 4 September 1983.

I have also decided to extend for another 12 months the 2.4 per cent. supplement paid on index-linked national savings certificates and on the third issue index-linked SAYE contracts. These supplements will be available only if the investments are retained for a further year.

These measures are described in more detail in a press notice being issued today by the Department for National Savings.

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