§ 59. Mr. Nabarroasked the Chancellor of the Exchequer whether he will make a statement upon the trend and results of personal savings, with special reference to National Savings during the first nine months of the current financial year 1960-61 compared with the first nine months of the preceding financial year 1959–60.
§ Mr. BarberPersonal saving rose sharply in the first half of the current financial year, partly because hire-purchase debt and bank advances stopped rising. On the other hand, net National Savings during the financial year have so far been at a somewhat lower level than in the two preceding years: they are nevertheless considerably higher than the average for post-war years and they are making a most valuable contribution to financing the Exchequer.
The following are the figures:
— Personal Net Saving Increase in total National Savings Out-standing £million £million 1959–60 1st quarter 446 101 2nd quarter 267 78 3rd Quarter 269 76 Total (1st three quarters) 982 255 1960–61 1st quarter 495 81 2nd quarter 400 68 3rd quarter — 63 Total (1st three quarters) — 212 Figures for personal net saving in the third quarter of 1960–61 are not yet available.