National Savings Certificates

HC Deb 24 March 1977 vol 928 cc639-41W

Sir A. Broughton

asked the Chancellor of the Exchequer (1) what national savings certificates will be on sale next month;

(2) if he will raise the permitted number of national savings certificates of the sixteenth issue which can be held by an individual; and if he will extend beyond 31st March 1977 the period during which they can be obtained, in order to encourage saving.

Mr. Denzil Davies

The 16th issue of national savings certificates will be withdrawn from sale at the close of business on 31st March as originally announced. These certificates are very popular, and so far around £600 million worth have been sold, but they are now out of line with interest rates generally. They will be replaced on 1st April by the reintroduction of the 14th issue. The retirement (15th) issue will continue to be on sale.

Mr. Onslow

asked the Chancellor of the Exchequer what action he is taking to reduce the current delay in repayment of national savings certificates.

Mr. Denzil Davies

There is currently little delay in the repayment of national savings certificates. During some periods of January and February repayments were taking a few days longer than normal because of unexpectedly high levels of reinvestment into the 16th issue, but, by giving priority to repayments over less urgent work, recruiting casual staff, and overtime working, normal repayment service was restored at the beginning of March. Inevitably a few cases requiring exceptional treatment are subject to some delay.