§ Sir E. Erringtonasked the Secretary of State for War whether he will now make a report on the progress made with the Army Savings Scheme since 7th March, 1961.
§ Mr. ProfumoI am glad to report that this scheme which I announced in my Estimates speech will start in the autumn. The object is to enable soldiers to save on the most favourable terms for a home when they leave the Army. It will, I hope, remove for ever the feeling of insecurity about the future which has faced so many soldiers in the past.
This is how it will work. All the building societies taking part will be of Trustee status. They will give special consideration to a loan for house purchase to any soldier saving under this scheme, provided the property he selects 131W is suitable, and that he can produce a firm promise of employment in civil life. Each soldier will be able to select his building society from an approved list. There will be no minimum qualifying period, and his savings will be operated through his pay account. The other Services are also considering similar schemes.
132WThe building societies have given welcome help in the backing of this scheme, and by their co-operation have made possible this important benefit to the soldier's welfare and security, and hence to recruiting generally I hope that every soldier will respond to the slogan of the scheme "Save while you serve for a home you can own".