§ Mr. Wrigglesworthasked the Chancellor of the Exchequer what is the decline in real terms in the total balances in National Savings Bank ordinary and investment accounts over the last 10 years and 25 years, respectively; what the actual values of the total balances were; and what they should have been to have maintained their real value.
§ Mr. Denzil DaviesThe investment account service of the National Savings Bank was introduced in 1966. The total 421W balance in investment accounts at 31st March 1967 was £75.7 million, equivalent in real terms to £26.6 million at 31st March 1977. To have retained its internal purchasing power at 31st March 1977, the 1967 balance would have needed to be £215.3 million. The actual balance held at 31st March 1977 was £671.3 million.
The total balances in ordinary accounts at 31st March 1952 and 31st March 1967 were £1,872.5 million and £1,730.4 million respectively, equivalent in real terms to £410.7 million and £608.3 million at 31st March 1977. To have retained the internal purchasing power at 31st March 1977, the 1952 and 1967 balances would have needed to be £8,537.3 million and £4,922.4 million respectively. The actual balance held at 31st March 1977 was £1,548.4 million.
It should be noted, however, that, in attempting comparisons of balances at different periods of time, there can be no
422W
SUBSIDY PAYMENTS TO INDUSTRY AND COMMERCE IN 1976–77 AND 1977–78 Privately owned £ million at 1977 survey prices Nationalised and publicly owned 1976–77 1977–78 1976–77 1977–78 Agricultural price guarantees -1.6 2.3 Market support under the Common Agricultural Policy of the European Community 183.5 141.4 Agricultural production grants and subsidies 53.0 57.3 Agriculture—support for capital and other improvements 0.4 0.6 Support for agriculture in special areas 82.1 45.0 Other assistance to agricultural production, food processing and marketing 32.8 19.4 Support for the fishing industry 0.1 — Forestry 32.8 34.7 Regional support and regeneration: Provision of land and buildings 5.1 7.6 Selected assistance to industry in assisted areas 22.6 44.3 Special assistance for rural and highland areas — 1.4 Regional employment premium 225.4 3.3 13.0 Scottish and Welsh Development Agencies 4.6 8.6 Technological and industrial sponsorship 0.5 0.4 General support to industry: Selective assistance to individual industries, firms and undertakings 33.5 35.8 Refinancing of home shipbuilding lending—interest support costs 50.5 26.4 Assistance to the shipbuilding industry 6.4 38.2 Financial assistance to the coal industry 53.5 61.9 Compensation paid to nationalised industries—other than for price restraint 67.3 21.0 Employment services and employment rehabilitation 2.7 5.4 Industrial relations and other labour market services* 126.1 285.8 reason to expect savers in general to maintain the real value of their past savings.