§ Mr. Norman Lamontasked the Chancellor of the Exchequer whether he will increase the amounts that can be invested in Government index-linked securities to take account of either the rise in average earnings or the rise in the cost of living since the scheme was introduced.
§ Mr. Denzil DaviesNot at present.
§ Mr. Norman Lamontasked the Chancellor of the Exchequer what conclusions he has come to about the Government's index-linked securities; and whether he intends to enlarge the scheme.
§ Mr. Denzil DaviesThe index-linked Third Issue of Save As You Earn and the index-linked Retirement Issue of National Savings Certificates were introduced by this Government in 1975 as an experiment, following the recommendation in the Page Report. The intention was to help the two categories of small saver, who were least able to protect their capital from the ravages of inflation. I consider that the two schemes have indeed helped a large number of people especially when the rates of inflation were extremely high. My right hon. Friend has no present intention of enlarging either scheme.