§ Mrs. Bainasked the Chancellor of the Exchequer if he will list in the Official Report the average level of interest payable to depositors with the National Savings Bank over each of the last five years; and how this compares with the average level payable by joint-stock banks.
§ Mr. Denzil DaviesThe average levels of interest are as follows:
National Savings Bank Joint Stock Banks Deposit Accounts† Per cent. Ordinary Account* Per cent. Investment Account Per cent. 1973 4 8 9½ 1974 4 9 9½ 1975 4 9 7½ 1976 4 9 7½ 1977 5 9¾ 5¾‡ * Annual interest on National Savings Bank Ordinary Accounts is free of all rates of United Kingdom income tax as follows:— (a) For the 1973–74 year of assessment—the first £21. (b) For the years 1974–75 to 1976–77—the first £40. (c) For the year 1977–78 and subsequent years of assessment—the first £70. † Rates quoted are based on those payable on deposit accounts with the London Clearing Banks. ‡ Based on figures to July.
§ Mrs. Bainasked the Chancellor of the Exchequer what recent estimate he has made of the percentage of the population which holds deposit accounts with (a) the National Savings Bank and (b) joint stock banks.
§ Mr. Denzil DaviesIt is estimated that some 26 per cent. of the total population of the United Kingdom hold active accounts with the National Savings Bank. There are no comparable official statistics on deposit accounts with the joint stock banks.