§ Mr. Knoxasked the Chancellor of the Exchequer what percentage of the national income was devoted to saving in each of the past 15 years.
§ Mr. Denzil DaviesThe information is given in the following table:
Net saving* as a percentage of national income Gross saving† as as a percentage gross national product at factor cost 1961 … 12.6 20.4 1962 … 11.2 19.3 1963 … 11.4 19.5 1964 … 13.9 21.6 1965 … 14.3 22.0 1966 … 14.0 22.0 1967 … 13.4 21.4 1968 … 14.0 22.2 1969 … 15.5 23.7 1970 … 15.5 24.1 1971 … 14.6 23.4 1972 … 11.9 21.1 1973 … 12.4 21.7 1974 … 8.1 18.4 1975 … 7.7 18.5 Source: National Income and Expenditure 1964–74 and Economic Trends. In these figures, which are based on the definitions used in the United Kingdom national accounts, gross national product is measured at factor cost; on international definitions it is normally measured at market prices. * Total investment—domestic capital formation plus net investment abroad—after providing for stock appreciation and depreciation. National income is equal to gross national product at factor cost less capital consumption. † Total investment before providing for depreciation.