§ Mr. Nicholas Brown
To ask the Chancellor of the Exchequer what assessment he has made of the effect on the saving ratio of reduced borrowing and additional savings in recent periods.
§ Mr. Maples
The personal sector saving ratio has risen from 4½ per cent. in the third quarter of 1988 to nearly 9 per cent. in the third quarter of 1990. Over this period, the year-on-year growth rate of real consumers' expenditure has fallen from nearly 7 per cent. to just over 2 per cent., while the growth of personal sector borrowing has fallen from over 22 per cent. to 13 per cent..