Lieut.-Colonel GUINNESSasked the Chancellor of the Exchequer whether, in view of the greatly increased rates of interest now payable on Government securities as compared with those obtainable before the War, any increase will be made in the 2½ per cent, now payable on deposits in the Post Office Savings Bank so as to encourage small depositors to use these facilities rather than to be tempted by higher rates to put their money on deposit on more speculative conditions?
Lieut.-Commander YOUNGAs has been frequently stated, it is not proposed to introduce legislation to raise the rate of interest payable to depositors in the Post Office Savings Bank. My hon. and gallant Friend will find some of the reasons against so doing in the Report of the Committee on War Loans for Small Investors (Cd. Paper 8179 of 1916).