HC Deb 26 November 1974 vol 882 cc132-3W
Mr. Geoffrey Finsberg

asked the Chancellor of the Exchequer if he will give (a) a detailed breakdown into overheads and other costs of the estimated management expenses of £8.97 million attributed to the national savings stamp on page 16 of the Annual Report of the Department for National Savings for 1973–74, (b) an estimate of the net saving achieved by abolishing the stamp, and (c) an estimate of the management expenses of the proposed television stamp.

Mr. Dell

The information is as follows: (a) The figure of £8.97 million

£ £
Post Office costs for NSS transactions:
Sub-Postmasters remuneration 2,755,000
Crown Office salaries 3,617,000
Overheads 861,000
Accommodation 947,000
Miscellaneous 259,000
Profit Margin 172,000
8,611,000
Printing of stamps, stamp books and cards 246,000
The above costs do not include the overhead administrative costs in the Department for National savings and the national savings committees.
(b) The Post Office will continue to accept the surrender of national savings stamps for encashment or reinvestment after they have been withdrawn from sale. Subject to the renegotiation of charges under the Post Office contract, on the basis of 1974 cost levels the total saving in direct operating costs in the period up to 1980 is estimated at about £30 million.
(c) I am unable at this stage to estimate the management expenses of the proposed alternative scheme for saving towards the cost of television licences.