Mr. Bittenasked the Chancellor of the Exchequer what is the estimated amount of matured national savings outstanding; how this compares with the corresponding figure five years ago; what is the current rate of interest for such deposits; and what steps are being taken to make the holders of these savings aware of these conditions.
§ Mr. DellI assume that the hon. Gentleman refers to national savings certificates. The amounts are estimated at £660 million and £720 million at 31st March 1974 and 31st March 1969 respectively. As the yield on each unit of national savings certificates varies according to its date of purchase and the terms of the relevant issue, it is not meaningful to attach a general current yield for this debt. The Government periodically bring to the attention of savers improvements in national savings terms and a publicity campaign is already in train to advise holders of very early certificates to redeem or reinvest in current issues.