§ The Prime Minister
My right hon. Friend the Chancellor of the Exchequer and I have received a number of representations. The average cost of each transaction is well over £1 in Post Office agency fees and National Savings bank running costs. It is not sensible to seek deposits so small that they are wholly or largely absorbed by the cost of processing. Deposits under £5 represent only 1 per cent. by value of all ordinary account deposits made in a year.