§ Sir A. Broughtonasked the Chancellor of the Exchequer (1) if he will encourage saving by offering a higher rate of 307W interest on deposit accounts in the National Savings Bank and the Trustee Savings Banks;
(2) if he will encourage saving by increasing from £15 to £30 the income tax-free amount of interest on deposits in the National Savings Bank and the Trustee Savings Bank.
§ Mr. HigginsI would refer the hon. Member to the reply given to my hon. Friend the Member for Hornsey (Mr. Rossi) on 22nd July, which specified changes in the ordinary accounts of the savings banks. Since 1st July the National Savings Bank has been paying 7½ per cent. on investment accounts, and some Trustee Savings Banks are now offering 7½ per cent. on deposits in their special investment departments.—[Vol. 804, c. 149–50.]
§ Sir A. Broughtonasked the Chancellor of the Exchequer whether, in order to encourage saving, he will allow more than £10 as the maximum monthly amount that a person can invest in the Save As You Earn Scheme.
§ Mr. HigginsWe shall consider this suggestion with other proposals for encouraging savings but I believe that £10 a month is a sensible maximum for the scheme as it stands.